Economists prefer to look at declared preferences (how they say they behave) rather than revealed preferences (how people actually behave)
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following statements best describes the study of economics?
A. Economics studies how the Federal Reserve handles fluctuation in business cycles. B. Economics studies how individuals and groups manage scarce resources. C. Economics studies how people maximize returns in the stock market. D. Economics studies how governments determine appropriate tax rates.
Specialization in production
a. raises productivity. b. requires money. c. stimulates exchange. d. All of the above are correct.
If the central bank of a country increases the interest rate, it will: a. weaken the exchange rate
b. decrease the demand for investment spending. c. increase the price level. d. increase the net exports of that country.
If you bought eight pairs of shoes, the marginal utility of the seventh pair was
A. greater than the price. B. equal to the price. C. less than the price.