It has been observed that people surveyed shortly after major air crashes estimate higher probabilities that a given flight will crash than people surveyed during intervals without any. The error in reasoning observed in this experiment results from:
a. availability heuristics.
b. representative heuristics.
c. population heuristics.
d. selection bias.
A
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Suppose the production of a good results in positive externalities. If output occurs at the intersection of the supply curve and the marginal social benefits curve, then
A. the socially optimal level of output will be produced. B. society will incur a net social cost. C. society will want less produced, and producers will be willing to satisfy that desire. D. there is market failure.
Some say the ECB draws too heavily on the German model. What is its major focus?
A) reliance on the ability of the European parliament to engage in fiscal policy when necessary B) the notion that the economy needs monetary stimulus to weather frequent recessions C) that the unemployment problem, especially in Eastern Europe, should take priority over price stability D) that price stability (low inflation) is the primary policy goal, separated from political influence or having to address regional economic slowdowns
If graphed, the relationship shown would depict this economy's:
A. Laffer Curve.
B. Lorenz Curve.
C. Tax Freedom Curve.
D. Phillips Curve.
An example of foreign aid that has improved economic conditions is ________
A) funding of public health programs B) funding of the U.S. Interstate Highway System C) programs to reduce foreign debt D) the Napoleonic code