"I like ice cream, but after eating homemade ice cream last night, I want to have something else for dessert today." This statement most clearly reflects
a. the budget constraint.
b. consumer irrationality.
c. the second law of demand: price elasticity increases with time.
d. the law of diminishing marginal utility.
D
Economics
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The assumption that wages adjust more slowly than prices implies that the Phillips Curve
A) exists in the short-run. B) exists in the long-run. C) is vertical. D) does not exist.
Economics
Those who favor an active approach to policy and those who favor a passive approach disagree not only on how quickly the government can act but also on how stable the economy basically is
a. True b. False Indicate whether the statement is true or false
Economics