The majority of Americans, when asked how many states they could name, think they could name all fifty. However, when they are asked to do so, very few are able to come up with all fifty. This is an example of which systematic mistake that people make?
People are overconfident.
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In the above figure, the economy is currently at point A. Suppose that the money wage rate and the price level both fall by 10 percent. Firms will be willing to supply output equal to
A) less than $16.0 trillion. B) $16.0 trillion. C) more than $16.0 trillion. D) Without more information, it is impossible to determine which of the above answers is correct.
In Figure 3-5 above, saving is zero at
A) point J. B) point K. C) point L. D) none of the above because saving is never equal to zero under the conditions described in the graph.
The joining of firms that are producing or selling a similar product is
A) a conglomerate merger. B) a horizontal merger. C) a vertical merger. D) always an illegal merger.
Economic policies are ineffective concerning quantities of output directly when
A. the aggregate demand is flat. B. the economy is not producing at capacity. C. the aggregate supply is vertical. D. the aggregate supply curve is flat.