The higher the U.S. dollar price per Mexican peso, the __________ Mexican goods are for Americans and the __________ Mexican goods Americans will buy; thus __________ pesos will be demanded
A) more expensive; fewer, more
B) less expensive; more, fewer
C) more expensive; fewer, fewer
D) less expensive; fewer, more
E) none of the above
C
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A rational choice is one that
A) must be made with perfect information. B) is made in the social interest rather than the self-interest. C) creates no costs for the decision maker. D) always turns out for the best for the decision maker. E) uses the available resources to most effectively satisfy the wants of the person making the choice.
According to the life-cycle hypothesis ________
A) households consume on the basis of their current income and liabilities B) household consumption as a percentage of income varies over one's lifetime C) current income is a function of future income D) cycling to work everyday allows one to live a longer life
Which of the following is not a part of the scientific method in economics?
a. normative statements b. comparing predictions to evidence c. formulating a hypothesis d. a hypothesis e. behavioral assumptions
If net investment spending in a nation is zero, we can conclude that:
a. gross investment exceeds the capital consumption allowance. b. the capital consumption allowance exceeds gross investment. c. imports equal exports. d. gross investment equals the capital consumption allowance. e. no investment goods were produced in the economy.