Older people often reminisce about the “good old days” when prices were much lower. This is misplaced nostalgia primarily because in the “good old days,”
A. prices were not really that low.
B. wages were much lower also.
C. people worked longer hours.
D. people had more leisure time.
Answer: B
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The circular flow model with government included would show that government
A. produces goods and services and sells them in the product market to generate net taxes. B. obtains revenues in the product market and uses it to cover costs in the resource market. C. controls economic resources and sells them in the resource market. D. provides goods and services to businesses and households and pays for them with net taxes.
The process of seasonal adjustment is important because
A. economic variables rarely change from season to season. B. economic variables predictably change from season to season, so to understand the economic importance of month-to- month changes, you need to account for it. C. economic variables are politically determined. D. economic variables may predictably change from season to season, but those changes are not significant.