A decrease in the price level makes consumers feel wealthier, so they purchase more. This logic helps explain why the aggregate-demand curve

Don is convinced that it would be best if the U.S. was on a gold standard. He enthusiastically reads any editorials or articles that confirm his view. He frequently dismisses editorials and articles that argue against the gold standard because he

presumes they are flawed or written by "crackpots.". Don's behavior most clearly illustrates which of the following systematic mistakes that people make? a. people are overconfident b. people give too much weight to a small number of vivid observations c. people are reluctant to change their minds d. All of the above are correct.

Answer the following statements true (T) or false (F)

1) The existence of "beaten paths" tends to discourage immigration because of the perception that job prospects have been exhausted. 2) Other things equal, younger workers are more likely to migrate than older workers. 3) Welfare payments to immigrants have steadily increased since 1996. 4) Welfare reform in 1996 reversed the trend of growing welfare payments to immigrants.