The recency effect is:
A. a basic human tendency to overvalue recent experience when trying to predict the future.
B. a hotly debated concept among psychologists and economists.
C. earning a profit by betting against what everyone else is doing.
D. accounting for most recent profits or losses first on financial statements.
A. a basic human tendency to overvalue recent experience when trying to predict the future.
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Central banks intervene in the foreign exchange market
A) to smooth out currency fluctuations. B) to facilitate the transfer of goods and services internationally. C) to conduct foreign exchange operations for central governments. D) All of the above.
In the long-run, the entry of new firms in a competitive market shifts the aggregate supply curve to the left
a. True b. False Indicate whether the statement is true or false
Of the following sequences of price levels, which correctly represents a 5 percent inflation rate?
A) 100, 105, 105, 105 B) 100, 105, 110, 115 C) 100, 105, 110.25, 115.76 D) 95, 100, 105, 110 E) 100, 100, 100, 100
China's economic reforms have focused on
A) privatizing state-owned enterprises and increasing efficiency. B) reducing persistent inflation and current account deficits. C) transitioning from socialism and toward private ownership. D) reducing exchange rate instability.