If choice architects frame choices in terms of social norms people will:
A. behave with the majority.
B. be unaffected by what the majority is doing.
C. behave in the opposite way, because "going rogue" is celebrated in our culture.
D. behave according to how they view that norm.
A. behave with the majority.
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If the price level in the current period is higher than what buyers and sellers anticipated,
a. profit margins will be unattractive and firms will expand output. b. profit margins will be unattractive and firms will reduce output. c. profit margins will be attractive and firms will expand output. d. profit margins will be attractive and firms will reduce output.
If people take into account the expected behavior of fiscal and monetary authorities in forecasting the behavior of inflation rates, they are most likely forming their projections using
A. adaptive expectations. B. contractionary expectations. C. inflationary expectations. D. rational expectations.
The simplified spending multiplier is calculated as:
A. ?MPC/(1 ? MPC). B. (1 ? MPC) × ?MPC. C. 1/(1 ? MPC). D. ?1/(1 ? MPC).
Political instability is an obstacle to development in:
A. both market and socialist economies. B. neither market nor socialist economies. C. market economies. D. socialist economies.