Temperature is a measure that changes from time to time and is therefore an example of a(n)
A. variable.
B. model.
C. causality.
D. empirical measure.
Answer: A
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Which one of the following is a way to get out of a repeated Prisoner's Dilemma Nash Equilibrium?
a. Make sure that your competitor clearly understands your actions and intentions b. Make sure that your competitor keeps guessing about your actions and intentions c. Make sure you keep your actions and intentions ambiguous d. All of the above
______ is the percentage change in hours worked divided by the percentage change in wages—will determine the shape of the labor supply curve.
a. Elasticity of savings b. Cross-price elasticity of demand c. Income elasticity of demand d. Wage elasticity of labor supply
By studying the effects of choice architecture, we can:
A. blend the ideas of psychology with core economic beliefs. B. expand the simplifying assumption that people always make the choices that are best for themselves. C. open the possibility that we can no longer tell if someone is making a mistake or choosing something that is maximizing his utility. D. All of these statements are true.
Which of the following is a fixed cost in a pizza restaurant?
a. rent b. produce purchases c. hourly labor charges d. delivery expenses