Behavioral economists accept that people ___________ their well-being but sometimes ________________.
A. try to maximize; make mistakes
B. try to minimize; maximize it
C. try to maximize; maximize their bad choices
D. try to maximize; purposefully engage in less than optimal behavior.
A. try to maximize; make mistakes
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The skill-biased character of technological change in recent decades has tended to cause ________
A) a decrease in the demand for college-educated labor B) a higher rate of unemployment among college-educated labor C) a lower rate of unemployment among unskilled labor D) an increase in demand for college-educated labor
Refer to Scenario 7.3. Suppose that the price of labor is $5 and the price of capital is $20. Your firm desires to produce 200 units of output. How much labor will be hired to minimize the costs of producing 200 units of output?
A) 25 B) 50 C) 100 D) 200 E) none of the above
Recall the text's discussion of the ten largest U.S. industries by value added in 1860 and 1910 . The emergence of tobacco products and malt liquors as major industries by 1910 suggests that
a. these goods are highly income elastic. b. these goods are highly income inelastic. c. these goods are price inelastic. d. these goods exhibit economies of scale in production.
In an economy with flexible exchange rates, which measure(s) are successful at reducing unemployment in the context of the Three-Sector-Model?
a. Decrease government spending. b. Raise the discount rate for banks. c. Raise tax rates. d. Reduce reserve requirements. e. All of the above