In order to study how changing price affects consumer decisions, we must assume all other factors, such as income and the prices of other goods are constant. This assumption is best know as
A) rationality.
B) ceteris paribus.
C) normative economics.
D) behavioral economics.
B
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The first major step toward natural resource reform was
a. the General Revision Act of 1891. b. the Commons Preservation Act of 1896. c. the Reclamation Act of 1902. d. the Snowden-Higgs Act of 1904.
The time it takes for Congress to deliberate over a specific fiscal policy action is an example of
A. A multiplier conflict. B. A design problem. C. A measurement problem. D. An implementation problem.
The government agency that computes the CPI is the _____.
Fill in the blank(s) with the appropriate word(s).
In economics, money is defined as
A) the total value of one's assets in current prices. B) the total value of one's assets minus the total value of one's debts, in current prices. C) the total amount of salary, interest, and rental income earned during a year. D) any asset people generally accept in exchange for goods and services.