According to the representative heuristic, you are more likely to assume that someone you just met is an architect if:
A. you also happened to meet two other architects earlier in the day.
B. it has been a long time since you last met an architect.
C. that person has many of the characteristics of an architect.
D. you recently watched a television show about architects.
Answer: C
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A sudden discovery of a new, massive source of uranium in New Mexico will likely cause the price of uranium to ________, which will ________ the quantity of uranium demanded by consumers
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
Complete the table below, which represents the production costs for a typical firm. (Round numbers to the nearest tenth.)
TP TFC TVC TC AFC AVC ATC MC 0 $20 $ 0 $__ --- --- --- --- 1 ___ 27.5 ___ $__ $__ $__ $27.5 2 ___ 46.8 ___ ___ 23.4 ___ ___ 3 ___ 63.3 ___ ___ ___ ___ ___ 4 ___ 82.5 ___ 5.0 ___ ___ ___ 5 ___ 106.7 126.7 ___ ___ ___ ___ 6 ___ 139.7 ___ ___ ___ ___ ___ 7 ___ 181 ___ ___ ___ 28.7 ___ At what level of output do diminishing returns set in? How do you know?
Under the Term Auction Facility (TAF), the rate that a depository institution pays on a loan from the Fed is determined by
a. the federal funds rate. b. the discount rate. c. the real rate of interest. d. a bidding process allocating the funds to those willing to pay the highest rates.
Which country has the highest health care spending as a percent of gross domestic product?
a. Japan b. Switzerland c. Canada d. Germany e. United Kingdom