The hypothesis that people believe that the BEST indicator of the future is the recent past is
adaptive expectations
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Refer to Figure 9.1. If the market is in equilibrium, total consumer surplus is
A) $30. B) $70. C) $400. D) $800. E) $1200.
Which of the following statements correctly characterizes changes in farming and agriculture land during the period between 1870 and 1900?
a. The number of farms rose, but the number of acres under cultivation fell. b. The number of farms fell, but the number of acres under cultivation rose. c. The number of farms, as well as the number of acres under cultivation rose. d. The number of farms, as well as the number of acres under cultivation fell.
Which statement is true regarding the difference between the demand curves for a monopolistic competitor and a monopolist?
a. A monopolistic competitor’s perceived demand curve is protected by barriers to entry. b. A monopolistic competitor's perceived demand curve is based on product differentiation and number of competitors. c. A monopolist’s perceived demand curve is based on product differentiation and number of competitors. d. A monopolistic competitor's perceived demand curve is the market demand curve.
In 1994, Republicans introduced their "Contract with America." This plan
A) included a PAYGO rule. B) would restrict the ability of monetary policy to affect the economy in the short run. C) included a line item veto. D) would make the Federal Reserve even more independent than it already is. E) all of the above