The assumption of imperfect information is critical to
A) the old Keynesian and all New Classical approaches.
B) all New Classical approaches.
C) the Friedman, Phelps, and Lucas New Classical approaches.
D) the real business cycle approach.
C
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Which of the following statements correctly indicates a property of good economic questions?
A) A good economic question addresses topics that are important to economic agents and/or to the society. B) A good economic question must always include arithmetic calculations and graphical solutions. C) A good economic question should always be positive and not normative. D) A good economic question should always be easy to answer.
The above figures show the market for hamburger meat. Which figure(s) shows the effect of an increase in the price of a substitute like hot dogs?
A) Figure A B) Figure C C) Figure D D) Figures A and C
Refer to Figure 12-8. Suppose the firm produces 4,000 units. What does the shaded area labeled B represent?
A) the firm's economic loss B) average variable cost C) total fixed cost D) total variable cost
If the business taxes decreased for a firm, then we might expect investment spending to:
A. remain constant. B. decrease. C. increase. D. there is not enough information to determine what would happen.