The school of economic thought that recently has questioned a core belief among economists that people's actions are guided by rational, unemotional self-interest is the ______________ school.
Fill in the blank(s) with the appropriate word(s).
economic behaviorists
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Along an IS curve as income levels __________, saving is smaller, so the interest rate must be __________ to reduce the level of investment so it will be equal to saving
A) increase; higher B) increase; lower C) decrease; higher D) decrease; lower
The long-run average cost curve
A. is a composite of short-run AC curves. B. shows the lowest possible short-run AC corresponding to each output level. C. depends on the firm’s planning horizon. D. All of the responses are correct.
If MRS's are equal across all consumers, then the efficient product mix has been achieved
Indicate whether the statement is true or false
A reduction in current consumption to pay for the investment in capital intended to increase future production is known as the:
A. consumption effect. B. substitution effect. C. investment trade-off. D. income effect.