Economists refer to consumers' desire for goods now rather than in the future as
a. a positive rate of time preference.
b. the rational expectations hypothesis.
c. roundabout methods of production.
d. the inflationary premium.
A
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In the United States, the use of fiscal policy tools to stabilize the economy gained prominence during
A) the Clinton administration. B) the Kennedy administration. C) the Reagan administration. D) the depression era.
Since a monopolistically competitive firm faces a ____ demand curve, it will always operate ____ in long-run equilibrium
a. perfectly elastic; with excess capacity b. downward-sloping; with excess capacity c. downward-sloping; at an economically efficient scale d. perfectly inelastic; at an economically efficient scale
Explain how inflation is sometimes beneficial to the society
The value of R2 always _____.
A. lies below 0 B. lies above 1 C. lies between 0 and 1 D. lies between 1 and 1.5