The largest trading partner of the United States is
a. Mexico.
b. Canada.
c. the European Union.
d. Japan.
b. Canada.
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The model of expectations in which the current level of inflation depends on past levels is referred to as:
A) realized real expectations. B) adaptive expectations. C) rational expectations. D) composite expectations.
If negative externalities are present in a market, ________
A) the price charged in the market is higher than the socially optimal price B) the quantity supplied in the market is larger than the socially optimal level C) the marginal social cost of production is lower than the marginal private cost D) the average cost of production exceeds the marginal cost of production at all output levels
Refer to the scenario above. If they are the only bidders in the auction and each bidder uses his optimal strategy, the maximum price the winner is likely to pay is ________
A) $210 B) $350 C) $500 D) $625
Suppose a social activist collecting information on the level of air pollutants in sparsely populated regions concludes that pollution levels are positively related to population. Since her sample set is restricted only to sparsely populated regions her outcome would be erroneous due to:
a. recognition heuristic. b. availability heuristic. c. representative heuristic. d. selection bias.