Some of the systematic mistakes that people make include
a. being overconfident.
b. placing too much weight on events that are more vivid compared to those with greater statistical probability.
c. being generally unwilling to change their minds.
d. All of the above are correct.
d
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"If Mexico is currently operating at a point beyond its production possibilities frontier, then there are unemployed or misallocated resources in Mexico." Is this statement true or false? Briefly explain your answer
What will be an ideal response?
What actions should the Fed take if it believes the economy is about to experience a high rate of inflation?
What will be an ideal response?
GDP is supposed to measure
A) the volume of production within a country's borders. B) the volume of services generated within a country's borders. C) the volume of production of a country's output. D) GNP plus depreciation. E) net unilateral transfers from foreigners.
Refer to the above figure. Assume that only two goods can be produced in the economy. Which of the following statements is TRUE?
A) Points a, b, and c are all obtainable points of production. B) Points a and b are obtainable points of production. C) Points b and c are obtainable points of production. D) Only point b is an obtainable and efficient point of production.