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The Rational Expectations Hypothesis postulates that the value a variable is expected to take by an economic agent equals the mathematical expected value of that variable conditional on all informatio…
29 questions
Input-output models as used by Wassily Leontief.
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28 questions
A situation in which a market fails to produce an efficient (i.e., welfare-maximizing) allocation.
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24 questions
Classical economics refers to work done by a group of economists in the eighteenth and nineteenth centuries. They developed theories about the way markets and market economies work. The study was prim…
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