Refer to Table 8-19. Given the information above, calculate the GDP deflator in 2016
A) 114 B) 105 C) 95 D) 87
A
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Suppose the equilibrium price of movie tickets is $10. If the supply curve for movies shifts ________, the equilibrium price will ________
A) rightward; decrease B) leftward; decrease C) rightward; increase D) leftward; not change E) rightward; not change
Economic agents have an incentive to formulate expectations rationally
A) because ignoring information is usually costly. B) to increase prices. C) to reduce wages. D) to ensure that all expectations are realized.
The ultimate purpose of an economic model is to
a. explain reality as completely as possible b. establish assumptions that closely resemble reality c. help us understand economic behavior d. determine what each decision maker wants to maximize e. guide government policy decisions
In a market system, self-interest is the motivating force that:
A. Makes individuals unwilling to deliver anything of value to others B. Makes owners of resources always want to use their resources themselves C. Leads the economy to chaos and confusion, especially the larger economies D. Coordinates and creates consistency in the operations of various parts of the economy