What do economists call the study of situations in which people act in ways that do not appear to be economically rational?
a. normative economics
b. rational economics
c. behavioral economics
d. the economics of fairness
c. behavioral economics
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According to your authors, which of the following is necessary for real-world markets to clear?
A) Supply and demand curves B) The hard work of expert economists C) A well-managed national economic plan D) "Rules of the game," which allow for competitive bidding on scarce goods E) Nothing more than pure luck
How does a command-and-control policy differ from a market-based policy?
What will be an ideal response?
What is the marginal cost of producing the third unit?
a. 60 b. 70 c. 90 d. 110
Aggregate demand does not include: a. Purchases of intermediate goods and final goods
b. Purchases of used goods and services. c. Purchases of stocks and bonds. d. Aggregate demand does not include any of the above.