Some studies show that even students who earned high grades in science classes accept disproven explanations for scientific phenomena. These disproven explanations had been acquired prior to the science classes. These studies provide some support for which of the following systematic mistakes that people make?
a. people are overconfident
b. people give too much weight to a small number of vivid observations
c. people are reluctant to change their minds
d. All of the above are correct.
c
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If the central bank expands the money supply under floating exchange rates, it potentially stimulates the economy in two ways, namely:
A) by raising the price level and by increased competition. B) by lowering the rate of interest and by causing a depreciation of the currency. C) by creating higher spending and by increasing the budget deficit. D) by increasing worker productivity and creating R&D incentives for firms.
What can we say about APC + APS and MPC + MPS?
A) Each must sum to 1. B) MPC + MPS = 100% of total income. C) APC + APS = 100% of the change in income. D) MPC + MPS always equals 1, but the sum of APC + APS can vary.