The proposition that policy actions have no real effects in the short run if the policy actions are anticipated is known as
A. the unemployment stabilization proposition.
B. the policy illusion proposition.
C. the Keynesian proposition.
D. the policy irrelevance proposition.
Answer: D
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If a perfectly competitive firm shuts down in the short run, its total cost equals zero
a. True b. False
Research and development refers to the activity of firms, universities, and government agencies that seek to invent new products and processes.
Answer the following statement true (T) or false (F)
Which of the following is an accurate statement about people’s choices?
a. They choose, knowing for sure which choice is best. b. They choose, expecting the best outcome from their choice. c. They choose, doubting their choice will have a good outcome. d. They choose, having no idea what choice is a good one.
A customer pays an admission fee to get into the local YMCA and also a monthly membership fee. This is called
A. block pricing. B. price discrimination. C. bundling. D. two-part tariff.