In the circular-flow diagram, one loop represents the flow of goods, services, and factors of production, and the other loop represents the corresponding flow of dollars
a. True
b. False
Indicate whether the statement is true or false
True
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If the marginal propensity to consume is 0.7 and if output increases by $200, then consumption spending
A) increases by $70. B) decreases by $70. C) increases by $140. D) decreases by $140.
The region of the U.S. with the highest poverty rate is the Midwest
Indicate whether the statement is true or false
Refer to the graph shown.
Which of the graphs correctly depict the short-run Phillips curve in the standard model, without trade?
A. A B. B C. C D. D
When people convince themselves that they "knew all along" what was going to happen, when in fact their predictions were incorrect, they suffer from:
A. overconfidence bias. B. self-serving bias. C. framing bias. D. hindsight bias.