Which of the following is part of an economic model?
A) assumptions B) norms
C) preferences of economic agents D) opinions
A
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Economic growth in Cuba has been slow. What can best explain the slow growth?
A) lack of incentive mechanisms and economic freedom B) lack of economic resources C) labor productivity is low. D) too much competition within the economy E) a non-democratic form of government
A monopolist sets the price by matching which of the following?
a. The profit maximizing quantity to the price on the demand curve b. The price to marginal revenue c. The price to the average total cost curve d. The price to the marginal cost curve
A person cutting up her credit cards in an effort to curb her spending is an example of:
A. a commitment device. B. status quo bias. C. loss aversion. D. the endowment effect.
The change in consumption spending divided by the change in disposable income provides the ______.
a. change in total consumption b. marginal propensity to consume c. total purchases from the multiplier effect d. change in overall tax revenue