The concept or term that refers to the notion that all variables except those under immediate consideration are held constant for a particular analysis is known as ____________. (check all that apply)
a. the generalizations assumption
b. the other-things-equal assumption
c. laissez faire
d. ceteris paribus
e. the scientific method
b. the other-things-equal assumption
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Using hindsight to judge whether buying insurance was a good idea or not:
A. is the only way to properly measure the true cost of the insurance and its benefit. B. is not a good idea; you have to measure the decision considering the information available at the time. C. can prove that a good decision at the time was really not worth it. D. is commonly used by people who wish to buy insurance in the future.
The concept of network externalities is most relevant to purchasers of
a. computer software. b. automobiles. c. television sets. d. radios.
If autonomous consumption decreases, which of the following would occur in the short run?
a. a decrease in GDP, a decrease in the price level, a decrease in money demand and a decrease in the interest rate. b. an increase in GDP, an increase in the price level, an increase in money demand and an increase in the interest rate. c. a decrease in GDP, an increase in the price level, an increase in money demand and an increase in the interest rate. d. an increase in GDP, a decrease in the price level, a decrease in money demand and an increase in the interest rate. e. a decrease in GDP, a decrease in the price level, an increase in money demand and an increase in the interest rate.
If money demand changes for some reason other than a spending shock, the Fed can stabilize
a. GDP without changing the interest rate b. GDP, but at the expense of interest rate stability c. GDP by keeping the interest rate stable d. the price level by keeping the interest rate stable e. the price level and GDP by stabilizing the interest rate