Applying the idea of time inconsistency, we can say that, in general, a person's "future-oriented self":
A. has the same objectives as the person's present-oriented self, but articulates them differently.
B. is more rational in decision-making, because its choices are generally healthier or more altruistic.
C. tends to choose healthier options, whereas the present-oriented self gives into temptation more easily.
D. is less rational in decision-making, because that self rarely matches actual behavior.
Answer: C
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The expansion of capital that can occur in the long-run but not, by definition, in the short-run, means that the long-run supply is
a. perfectly horizontal while the short-run supply curve is upward sloping. b. sloping downwards while the short-run supply curve is upward sloping. c. less elastic than the short-run supply curve. d. more elastic than the short-run supply curve.
Which of the following would NOT be considered unemployed?
A) a new entrant to the labor force B) a job leaver who is looking for a better job C) an individual fired by her employer D) a newly retired worker
Think about cost structures associated with each of the following and decide which is most likely to be a natural monopoly
a. jewelry manufacturer b. tax-preparation firm c. movie theater d. city bus company e. dry cleaner
An increase in spending increases nominal and real wages, but as prices rise:
A. nominal wages begin to fall. B. both nominal and real wages begin to rise. C. real wages begin to fall. D. neither nominal nor real wages are affected.