Utility is:
A. revealed by observing choices an individual makes.
B. the satisfaction individuals get from different bundles of goods.
C. maximized by rational individuals.
D. All of these are true.
Answer: D
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In Figure 3-7 above, if natural real GDP = $2500, AP = $250, and the change in "a" = change in I = change in NX = 0, the tax cut required to achieve then natural real GDP is
A) $312.50. B) $250.00. C) $500.00. D) none of the above.
A person who has lost his or her job because it is now performed by a robot is structurally unemployed
a. True b. False Indicate whether the statement is true or false
The newest school of economic thought to emerge are _________.
A. the economic behaviorists B. supply side economists C. the new classical economists D. monetarists
People on a fixed income are adversely affected by inflation.
a. true b. false