Behavioral economists have discovered that
A) experimental design is important.
B) experimental design doesn't matter for most questions.
C) experimental design only matters when people have bounded rationality.
D) experimental design doesn't matter when people have bounded rationality.
A
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According to ________, when real GDP is ________ percentage points greater than potential GDP, the unemployment rate is one percentage point ________ the natural unemployment rate
A) Okun's Law; four; below B) Keynes' Law; two; below C) Phillip's Law; four; above D) Say's Law; two; above E) Okun's Law; two; below
An auction in which a seller begins by offering an item for sale at a relatively high price and then reduces the price by fixed amounts until receiving a bid is known as a:
A) Dutch auction. B) English auction. C) second-price auction. D) sealed-bid auction.
The fishing and whaling occupations in the early colonies:
a. never amounted to a significant economic force. b. were a major influence in the early colonial economy. c. started only in the eighteenth century. d. were mixed in their economic impact, with fishing being the least important and whaling being most important.
Which of the following is a source of government failure?
A. The invisible hand. B. The lack of bureaucracy in government. C. The enormous size and scope of government. D. Excessive flexibility.