When policy makers base their actions on a rule there is
A) rationalization policy making. B) passive policy making.
C) rational expectations policy making. D) active policy making.
B
Economics
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The supply of labor to an industry will decrease when
A) the price of leisure falls. B) the income effect dominates the substitution effect. C) the demand for labor falls in the industry. D) workers receive better employment opportunities in other industries.
Economics
In constructing models, economists
A) consider all factors that can change. B) include all available information. C) attempt to duplicate the real world. D) make simplifying assumptions.
Economics