Estimates for the ________ rate of unemployment that routinely occurs in the United States range from 4 to 6 percent.

The budget line shows:

A. the amount of product A that a consumer is willing to give up to obtain one more unit of product B. B. all possible combinations of two goods that can be purchased, given money income and the prices of the goods. C. all equilibrium points on an indifference map. D. all possible combinations of two goods that yield the same level of utility to the consumer.

Which of the following best explains the difference between neoclassical economics and behavioral economics?

A. Neoclassical economics believes that government should play a minimal role in the economy, while behavioral economics calls for a more active role for government. B. Neoclassical economics assumes that people are rational in their decision making, while behavioral economics believes people make systematic errors. C. There is no real difference; behavioral economics just studies more intently how the rational decision-making process works. D. Neoclassical economics no longer offers valid explanations for economic outcomes, while behavioral economics does.