If medical patients are rational (in the way economists think of the term), they will do what medical experts believe is best for them.
Answer the following statement true (T) or false (F)
False
Rationale: A rational patient's view of what is "best" may differ from a medical expert's view --- and thus the patient may rationally violate the expert's advice.
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Fred is considering opening a ski shop in Colorado. Assume Fred will incur the following costs: building rent = $100,000/year, inventory = $250,000/year, energy = $50,000/year, and labor (one clerk) = $10,000/year
In addition, Fred's current income as a computer programmer is $40,000 per year. Assuming Fred would earn $460,000 in revenues, he could expect to earn: A) an accounting profit of $10,000 per year. B) an accounting profit of $60,000 per year. C) an economic profit of $10,000 per year. D) an economic profit of $50,000 per year.
The current account records
a. last year's flows of funds into and out of the country b. current flows of imports and exports of goods and services, net income earned by U.S. residents from foreign assets, and net transfer payments c. current flows of imports and exports of goods only d. only net income earned by U.S. residents from foreign assets e. only current flows of imports and exports of goods and services and net transfer payments
Over the past century, the growth of labor productivity in the United States was highest in the _____
a. 1940s b. 1950s c. 1960s d. 1970s e. 1980s
Explain what is meant by the time inconsistency of monetary policy