Someone who is deemed irrational from an economic standpoint is someone who
a. voluntarily partakes in actions contrary to his personal preferences.
b. voluntarily partakes in actions contrary to what society deems acceptable.
c. voluntarily partakes in actions that the majority of consumers would not.
d. sets prices at ninety-nine cents.
a. voluntarily partakes in actions contrary to his personal preferences.
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Expansionary policies are policies designed to
A) reduce the level of real GDP. B) increase the level of real GDP. C) reduce the federal deficit. D) decrease government spending.
Opportunity cost
A) can only be measured as a paid cost. B) is always the value of the next best forgone opportunity. C) does not exist since there are no receipts. D) is always the lowest valued alternative.
This factor contributes to the winner's curse
a. your estimate of the value of the object was not the most optimistic b. your bid was not the highest c. there were many other bidders that you beat out d. you did not shade your bid enough
An increase in the interest rate would result in a(n)
a. shift to the left in the demand curve for loanable funds b. shift to right in the supply curve of loanable funds c. decrease in the quantity demanded of loanable funds d. increase in the present value of assets e. decrease in the quantity supplied of loanable funds