How do macroeconomists differ from microeconomists?
a. the basic tools of analysis
b. the underlying principles
c. the use of abstractions and models
d. the problems studied
e. All of the above are correct.
d
Economics
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Results of the ultimatum game indicate that most people value fairness enough that they will refuse to participate in a transaction they consider unfair, even if they are worse off financially as a result
Indicate whether the statement is true or false
Economics
Following a decrease in the price of a good, an individual will purchase more of the now less expensive good and less of other more expensive goods. This is known as the _____ effect
a. income b. endowment c. substitution d. price e. scale
Economics