It is assumed in economics that people make decisions based upon
A. altruism.
B. tradition.
C. perfect information about every aspect of the world.
D. rational self-interest.
Answer: D
Economics
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Friedman measured "permanent" income by assuming that people adjusted their consumption on the basis of
A) an "error learning" process with respect to their expected income. B) an adaptive expectation formation of their expected income. C) transitory income and the level of income expected over a period of years in the future. D) All of the above.
Economics
Since it is counted as investment, why doesn't the purchase of earthmoving equipment from China by a U.S. corporation increase U.S. GDP?
Economics