Suggested donations on fundraising items sent to you in the mail is an example of:
A. rule of thumb.
B. anchoring.
C. loss aversion.
D. positive framing.
Answer: B
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Which of the following is TRUE according to the case study on U.S. / China trade presented in the chapter?
A) China has relative abundance in capital. B) China has relative abundance in skilled labor. C) The United States has relative scarcity in unskilled labor. D) The United States has relative scarcity in capital.
A Treasury expenditure financed through borrowing from the Federal Reserve will cause the money supply
A) and bank reserves to rise by an equal amount. B) and bank reserves to fall by an equal amount. C) to rise but bank reserves to rise by a greater amount. D) to rise by a greater amount than the rise in bank reserves.
If a firm employs an extra unit of labor, the additional product generated by employing the extra unit of labor is
A) the marginal physical product of labor. B) the diminished marginal product. C) the outside edge. D) total product.
Producer surplus measures the value between the actual selling price and the:
a. price sellers are willing to sell the product. b. deadweight loss price. c. lowest price sellers are willing to sell the product. d. profit-maximization price.