The Lucas critique is an objection to the assumption that
A) inflation is always and everywhere a monetary phenomenon.
B) there is a negative relationship between inflation and unemployment.
C) historical relationships between macroeconomic variables will continue to hold after new policies are in place.
D) people form expectations rationally.
C
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From an economist's perspective, why are property rights and the rule of law so important for economic development?
A. They create incentives and stability for economic growth and development. B. They discourage all criminal activity that encourages economic growth and development. C. They provide a creative environment that encourages economic growth and development. D. They prevent other countries from benefiting from trade, which helps our economic growth and development.
From the expected value of a game, we
A) cannot determine the risk. B) can determine the risk. C) can determine exactly how much a player will receive. D) can infer the subjective probabilities of each possible outcome.
Autonomous determinants of consumption expenditures are dependent on the level of current disposable income
a. True b. False Indicate whether the statement is true or false
The imposition of a binding price ceiling on a market causes quantity demanded to be a. greater than quantity supplied. b. less than quantity supplied
c. equal to quantity supplied. d. Both (a) and (b) are possible.