How do rational behavior and self-interest relate?
a. Self-interest rarely motivates people to use rational behavior to make decisions.
b. Self-interest is rational when it is selfless, but not selfish.
c. Self-interest usually motivates people to use rational behavior to make decisions.
d. Self-interest is rational when it is selfish, but not when it is selfless.
c. Self-interest usually motivates people to use rational behavior to make decisions.
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Adam Smith’s book, one of the first systematic treatments of economics, was entitled
A. The Plan of the Ages. B. The General Theory of Money, Taxes, and Income. C. The Wealth of Nations. D. Principles of Economics. E. Concepts in Moral Philosophy.
Planned investment spending ________
A) is equal to planned fixed investment spending plus government investment B) is unrelated to the real interest rate C) is heavily influenced by expectations about the future D) all of the above E) none of the above
Appropriate fiscal policy in the U.S. in 2009 would attempt to
a. increase taxes. b. decrease aggregate supply. c. increase aggregate demand. d. decrease aggregate demand.
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.