Most economists believe that the theory of rational expectations is
a. more correct in the long run than the short run.
b. more correct in the short run than the long run.
c. correct in both the long run and short run.
d. incorrect because it is based on false logic.
a
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Which of the following is considered a renewable natural resource?
A. Natural gas. B. Copper. C. Solar power. D. Coal.
Opportunity cost is best defined as
A. the sum of the dollar values of all alternatives given up when choices are made. B. the next highest valued alternative when a choice is made. C. the cost of producing the purchased goods. D. the dollar price of the purchased item.
Which of the following is a capital resource?
A. a piece of software used by a firm B. a corporate bond issued by a computer manufacturer C. a computer programmer D. silicon (sand) used to make computer chips
It is possible for the United States to compete against cheap foreign labor because expensive domestic workers
A) pay U.S. taxes. B) receive subsidies. C) are more productive. D) belong to unions.