Rational choice
A) is a choice that uses the available resources to best achieve the objective of the person making the choice.
B) is always efficient.
C) is what you must give up to get what you want.
D) is made by comparing different incentives.
E) provides the answer to only the "how" question.
A
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Which statement is true?
A. We have had at least one recession in the 1940s, 1950s, 1960s, 1970s, 1980s, and 1990s. B. We have had at least two recessions in any one decade since World War II. C. We have had at least three recessions in all of the decades since World War II. D. None of the choices are true.
From the last five recessions, the mildest two were
A) 1975 and 2008-09 recessions. B) 1981-82 and 2008-09 recessions. C) 1990-91 and 2001 recessions. D) 1975 and 2001 recessions.
An educated population contributes to economic growth because
A. schools provide many jobs for teachers. B. educated people tend to work more hours than less educated people. C. education allows workers to develop skills that increase their productive capabilities. D. educated people understand the importance of protectionism.
Refer to the diagram, in which Q f is the full-employment output. If the economy's present aggregate demand curve is AD 2 :
A. the most appropriate fiscal policy is an increase of government expenditures or a reduction of taxes.
B. the most appropriate fiscal policy is a reduction of government expenditures or an increase
of taxes.
C. government should undertake neither an expansionary nor a contractionary fiscal policy.
D. the economy is achieving its maximum possible output.