Most economists would agree that each human life is beyond price.
Answer the following statement true (T) or false (F)
False
Economists' cost/benefit approach requires a quantified cost and benefit for everything, including life.
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Which of the following theories of business cycles implies that efficient markets, characterized by perfect information and by rational business firms and households, will still be characterized by business cycles?
A) Lucas's rational expectation model B) the natural rate hypothesis C) the real business cycle model D) classical theory
If marginal costs are rising
A) total fixed costs are falling B) average fixed costs are constant. C) average fixed costs are rising D) none of these choices.
Economists believe that the development of a new technology provides a way for an economy to sidestep the diminishing marginal returns of capital deepening. What is the reason behind such belief?
From 2006 to 2008 there was a dramatic fall in the price of houses. If this fall made people feel less wealthy, then it would have shifted
a. aggregate demand right. b. aggregate demand left. c. aggregate supply right. d. aggregate supply left.