Behavioral economics under uncertainty documents that
A) people's behavior often differs from what standard expected utility theory predicts.
B) people's behavior can change with their circumstances.
C) people might put considerable weight on certain outcomes.
D) All of the above.
D
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Real business cycle theory explains changes in employment and output by focusing on
A) changes in fiscal policy. B) real supply-side factors. C) the interaction of fiscal and monetary policies. D) changes in monetary policy.
About 1.7 percent of elementary and secondary students were educated at home in 1999
a. True b. False
In a market system, the major coordination tasks are carried out
a. with the approval of central planners. b. as part of the regular appropriation process of Congress. c. irregularly by the major corporations. d. automatically by the market mechanism.
Suppose the quantity demand of a product increases from 32 units to 40 units and income increases from €20,000 to €22,000. What is the Income Elasticity of Demand?
a) 0.4. b) -0.4. c) - 2.5. d) 2.5.