John Maynard Keynes expressed his ideas about the macroeconomy and attacked classical economics in his book, The:
A. Affluent Society
B. Wealth of Nations
C. Theory and Practice of Economics in Capitalism
D. General Theory of Employment, Interest, and Money
D. General Theory of Employment, Interest, and Money
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Use of real GDP to measure changes in national output from one period to another can be misleading if
a. the price level is different for the two periods. b. the share of production carried out in the nonmarket sector is different for the two periods. c. the bundle of goods produced during the periods is quite similar. d. the size of the export-import sector differs for the two periods.
The midpoint method is used to compute elasticity because it
a. automatically computes a positive number instead of a negative number. b. results in an elasticity that is the same as the slope of the demand curve. c. gives the same answer regardless of the direction of change. d. automatically rounds quantities to the nearest whole unit.
Based on this graph, during the 1940s and the Recession of 2008–2009, the national debt ______.
a. remained below 10 percent of GDP
b. was temporarily paid off
c. was at the same level
d. exceeded 100 percent of GDP
Fred just purchased an expensive new refrigerator and is considering purchasing the overpriced warranty. In making his decision on the warranty, Fred ignores better ways that his money could be spent, including paying off high-interest credit card debt. According to prospect theory, the process that leads Fred to ignore the debt and buy the overpriced warranty is
A) framing bias. B) anchoring. C) mental accounting. D) confirmation bias.