Using a unified analytic framework to present the information in the text keeps the knowledge
A) focused on theories that have little to do with actual behavior.
B) theoretical and uninteresting.
C) abstract and not applicable to real life.
D) from becoming obsolete.
D
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GDP in an economy is $11,050 billion. Consumer expenditures are $7,735 billion, government purchases are $1,989 billion, and gross investment is $1,410 billion. Net exports must be ________.
A. $53 billion B. ? $161 billion C. ? $84 billion D. ? $47 billion
Define the following terms and explain why they are important in the study of economics. a. Efficient allocation b. Laissez-faire c. Peak pricing d. Input-output analysis e. Coordination tasks
What will be an ideal response?
If each player responds by imitating the action of his opponent in the previous round of a repeating game, the players are following a:
A. commitment strategy. B. collusion plan. C. repeated cooperation agreement. D. tit-for-tat strategy.
The phases of a business cycle in order include
A) Peak, recession, trough and expansion. B) Peak, expansion, recession and trough. C) Peak, recession, expansion and trough. D) None of the above.