The theory of consumer behavior is based on certain assumptions. The set of four basic assumptions includes:
A) completeness.
B) transitivity.
C) intransitivity.
D) Both A and B are correct.
E) Both A and C are correct.
D
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Which of the following statements is true?
A) An individual's current spending increases when he lends money. B) An individual's current spending decreases when he borrows money. C) An economic agent lends to move his spending from the future to the present. D) An economic agent lends to earn a return.
The process of a government intervening to maintain the value of their exchange rate after shock to their economy is known as
A) sterilization. B) preventative therapy. C) beggar-thy-neighbor policies. D) the liquidity effect.
Higher unemployment tends to be associated with
A) the classical model. B) higher real GDP. C) higher nominal GDP. D) lower real GDP.
Inaccurate prediction generally invalidates the use of theory in economics.
Answer the following statement true (T) or false (F)