Nudges are meant to:
A. change the incentives of choices offered in order to alter behavior.
B. limit the choices available in order to affect people's behavior.
C. control people's behavior on the basis of the goals of government.
D. affect people's behavior while allowing them to retain free choice.
Answer: D
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A more efficient process for refining oil into gasoline is developed. As a result, the market price of gasoline: a. and the quantity of gasoline purchased both increase
b. increases and the quantity of gasoline purchased falls. c. decreases and the quantity of gasoline purchased rises. d. decreases and the demand curve for gasoline shifts to the right.
If Country A's central bank wanted to increase the value of its currency, its overall balance would:
a. Become more negative. b. Become more positive. c. Not change. d. Change only if there were no offsetting changes in the net errors and omissions account.
Demand for movie rentals is highly elastic. What will happen if a video store raises the price of a rental?
(A) It could possibly gain or lose revenue. (B) It would see no change in revenue. (C) It will gain revenue. (D) It will lose revenue.
Which of the following is/are not a characteristic of a perfectly competitive market?
A. a small number of firms in a market B. selling a standardized product C. no barriers to entry D. an individual firm having no control over price