Neoclassical economists hold that, based on the theory of rational _______________, economic adjustments may happen very quickly.
a. thought
b. production
c. expectations
d. thinking
c. expectations
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When does a surplus occur?
What will be an ideal response?
Which of the following categories accounted for the lowest percent of the total federal government expenditures in recent years?
a. Income security b. Interest on the national debt c. National defense d. Education and health
The social costs of hyperinflation include i) decreases in purchasing power ii) borrowing and lending may cease iii) the value of savings will diminish.
A. i only. B. ii only. C. i, ii, and iii only. D. i and ii only.
If the graph shown represents Celia's budget constraint, which of the following must be true?
A. Celia will spend twice as much on earrings as she does hairbands.
B. Celia could consume either four pairs of earrings or eight hairbands.
C. Celia gets twice as much utility from earrings as she does from hairbands.
D. All of these are true.