The tendency of people to underestimate the time required to complete a task is called the:
A. Planning fallacy
B. Framing effect
C. Hindsight bias
D. Availability heuristic
A. Planning fallacy
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The quantity of CDs that firms plan to sell this month depends on all of the following EXCEPT the
A) number of producers of CDs. B) quantity of CDs that people plan to buy. C) wage rate of workers who produce CDs. D) price of a CD.
A supplier of an input is unlikely to have bargaining power if
A) it has a patent on the input. B) many firms can supply the input. C) the input supplied is specialized. D) it is the sole supplier of the input.
In the dynamic aggregated demand and aggregate supply model, if AD shifts faster than AS
A) stagflation occurs. B) deflation occurs. C) disinflation occurs. D) inflation occurs.
The trade-offs facing consumers include:
A) how to allocate income across goods and serves. B) how to allocate income between consumption and savings. C) both A and B D) none of the above