Implicit assumptions from which theories evolve are known as
a. a paradigm.
b. biases.
c. stylized facts.
d. normative economics.
A
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An upward shift in the consumption function, other things being equal, could be caused by households:
a. becoming optimistic about the state of the economy. b. becoming pessimistic about the state of the economy. c. expecting future income and wealth to decline. d. None of these.
Profits will be maximized when the slope of the total revenue curve and the slope of the total cost curve are equal
a. True b. False Indicate whether the statement is true or false
Refer to Table 16.2. Nominal GDP for Fredonia for 2015 equals
A) $2,750. B) $3,500. C) $4,325. D) $5,500.
Using the IS-MP model, explain what happens to output and the real interest rate when the IS curve shifts to the right and when it shifts to the left, and when the MP curve shifts up and when it shifts down?
What will be an ideal response?