Any test of rational expectations is a joint test of the underlying model that expectations are formed rationally.
Answer the following statement true (T) or false (F)
True
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A recent article suggests that the introduction of the new iPhone 6 increased the demand for iPhone protective cases. The article suggests that these two goods are
A) substitutes and their indifference curves are close to being straight lines. B) complements and their indifference curves are close to being straight lines. C) substitutes and their indifference curves are close to being L shaped. D) complements and their indifference curves are close to being L shaped.
Based on the data in the table above, the efficient level of output equals
A) 550 units. B) 600 units. C) 650 units. D) 700 units.
The best way to address differences in labor and environmental standards is through trade barriers
Indicate whether the statement is true or false
Economic historians have located evidence to suggest that colonists barely lived at subsistence levels
Indicate whether the statement is true or false