The labels for the axes of the aggregate demand graph should be:
A. Quantity of a product on the vertical axis and the price of a product on the horizontal axis
B. Price of a product on the vertical axis and quantity of a product on the horizontal axis
C. Real domestic output on the vertical axis and the price level on the horizontal axis
D. Real domestic output on the horizontal axis and the price level on the vertical axis
D. Real domestic output on the horizontal axis and the price level on the vertical axis
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Profits resulting from luck can be distinguished from profits attributable to shrewd predictions by
A) calculating the opportunity cost of earning the profits. B) comparing the profits with interest rates. C) finding out whether they lead to reduced revenue or increased costs. D) no known empirical test. E) whether or not they were generally anticipated.
How could return-chasing explain why many of Enron's employees lost most of their retirement savings when Enron went bankrupt?
What will be an ideal response?
If opening an economy up to trade always benefits both trading partners, why is free trade controversial?
What will be an ideal response?
Behavioral economists use which technique to test economic theory?
A) controlled experiments B) price theory C) environmental economics D) lie detector tests