Which of the following is not an example of a systematic mistake that people make?
a. When asked to predict how many movie stars he can list, Ed says 200 but when put to the test he can only name 130.
b. Susan watched a home improvement show in which a contractor installed a faulty deck which collapsed within 2 years of installation. She is now concerned about the safety of her own deck.
c. Kate's manager asks her to work additional hours for which she will be paid her usual hourly wage. Kate weighs the value of her leisure time against the additional wages before responding to her manager.
d. Bill has purchased Skillman tools for years and has recently noticed a decline in quality and durability of Skillman tools. Still, when he needs a new drill, he purchases a Skillman brand drill.
c
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Government purchases in national income accounts would include payments for ________.
A. unemployment benefits B. salaries for current U.S. military officers C. public assistance for welfare recipients D. Social Security checks to retirees
As of 2008, the members of the WTO account for 97 percent of the world's international trade
Indicate whether the statement is true or false
Briefly describe why measuring a firm's costs is more complicated than measuring its revenues
??Firm 2???High PriceLow PriceFirm 1High PriceFirm 1 earns $100; Firm 2 earns $100Firm 1 earns $25; Firm 2 earns $150?Low PriceFirm 1 earns $150; Firm 2 earns $25Firm 1 earns $50; Firm 2 earns $50Table 12.2In the game shown in Table 12.2, the firms:
A. both have a dominant strategy of choosing a low price. B. both have a dominant strategy of choosing a high price. C. do not have a dominant strategy. D. will alternate between high price and low price strategies.