The view that decision-maker expectations are based on actual outcomes observed during the recent past is called the
a. rational expectations hypothesis.
b. adaptive expectations hypothesis.
c. permanent income theory.
d. recognition lag.
B
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Adam Smith's book, Wealth of Nations was published at the time of the
Suppose that a price-discriminating monopolist divides its market into two segments. In each market segment, price is determined by finding the level of output where that market's
a. average revenue equals average total cost b. average revenue equals average variable cost c. marginal revenue equals average total cost d. marginal revenue equals marginal cost e. marginal cost equals average total cost
By the 18th century, the bulk of world output was produced in:
a. Asia b. Africa c. Europe d. The Asian offshoots e. none of the above
Daryn and Nick work for two different companies, but each performs the same job working on a loading dock. Daryn, however, earns a higher salary than his friend Nick The difference in salary could illustrate union wages if Daryn's annual salary is covered by a collective bargaining agreement and Nick's is not
a. True b. False Indicate whether the statement is true or false