Macroeconomic equilibrium occurs when:
a. Expected supply equals expected demand.
b. Actual leakages equal expected injections.
c. Actual and expected supply equals actual and depected demand and actual and expected leakages equal actual and expected injections.
d. Expected amount supplied equals expected amount demanded, which means expected leakages equal expected injections.
e. None of the above.
.D
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The rationality assumption says that
A) people do not intentionally make decisions that would leave them worse off. B) people never make decisions that would leave them worse off. C) people do not respond to incentives since incentives require scarce resources. D) all economic analysis must be normative.
How has the pattern of fluctuations in overall U.S. business activity changed since World War II?
A) It has become less volatile. B) Expansions have been eliminated. C) Contractions have been eliminated. D) Recessions have been eliminated.