A government is running a budget deficit if:
A. government revenue exceeds government spending.
B. imports exceed exports.
C. exports exceed imports.
D. government revenue is less than government spending.
Answer: D
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What are the three limitations on human rationality that behavioral economics emphasizes?
What will be an ideal response?
An example of an intermediate good or service would be:
A. sacks of groceries bought by a dentist for his family. B. a car bought by a stockbroker for commuting to work. C. a desk bought by an accountant for her office. D. bricks bought by a homeowner for constructing a patio.
________ a large number of firms competing by making similar but slightly different products
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Proponents of rational expectations argued that the sacrifice ratio
a. could be high because it was rational for people not to immediately change their expectations. b. could be high because people might adjust their expectations quickly if they found anti-inflation policy credible. c. could be low because it was rational for people not to immediately change their expectations. d. could be low because people might adjust their expectations quickly if they found anti-inflation policy credible.