Revealed preference is:
A. the notion that people reveal the utility they get by reporting it on a numerical scale.
B. the method that psychologists, anthropologists, and economists use to measure utility.
C. the idea that people's preferences can be determined by observing their choices and behavior.
D. All of these are true.
Answer: C
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According to economists, the fixed-price model of macroeconomic equilibrium depicts the modern economy most closely because it assumes that aggregate supply is independent of price
a. True b. False Indicate whether the statement is true or false
For the United States since 1950, imports as a percentage of GDP has
A. decreased. B. tripled. C. increased slightly. D. remained constant.
Which of the following is the largest component of M1?
A) traveler's checks B) savings deposits C) checking deposits D) currency
Suppose the shopkeeper is known to usher low bidders out of the store even if it means giving up the sale. If the customer moves first, he would
a. Offer the high price b. Offer the low price c. Get ushered out of the store d. All of the above