In real life, people's behavior is constrained by:
A. laws of nature.
B. legislated rules of society.
C. costs of various actions.
D. All of these are rules that constrain people's behavior.
D. All of these are rules that constrain people's behavior.
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What is the discount rate?
What will be an ideal response?
A monopolistically competitive firm that earns an accounting profit in the short run
A) could earn an economic profit or break even, but could not suffer an economic loss in the short run. B) does not earn enough to earn an economic profit in the short run. C) could earn an economic profit, break even, or suffer an economic loss in the short run. D) must also earn an economic profit in the short run.
Appreciation is the term used to describe
A. the conversion of one currency into another currency in the free market. B. a reduction in the official value of a currency. C. the upward movement of currencies in a free market. D. an increase in the official value of a currency.
Macroeconomic models help clarify important questions such as the following, excep
A. Can governments reduce the severity of their economies' recessions? B. Is a policy of manipulating interest rates more effective at mitigating short-run economic fluctuations than a policy of changing the tax rates? C. How will OPEC manipulate and maintain the price of crude oil in the world markets? D. Is there a trade-off between lower unemployment and lower inflation?