The main criticism leveled at the rational expectations theorists is that _________________.
Fill in the blank(s) with the appropriate word(s).
they just go too far in ascribing rationality to the general population
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What is a laissez-faire economy?
What will be an ideal response?
Which of the following is counted as "capital" in economics?
A) the money people have B) the wealth people have C) the machines workers have to work with D) the labor force
One of the major lessons learned in the chapter on experiments and quasi-experiments
A) is that there are almost no true experiments in economics and that quasi-experiments are a poor substitute. B) you should always use TSLS when estimating causal effects in quasi-experiments. C) populations are always homogeneous. D) is that the insights of experimental methods can be applied to quasi-experiments, in which special circumstances make it seem "as if" randomization has occurred.
In macroeconomics, the long run refers to:
A. one year. B. two years. C. ten years. D. None of these is true.