During the labor dispute of 2011, the owners contended that the NFL players were
A. decertifying their union as an artificial tactic.
B. forming a players-owned league.
C. signing with Canadian teams.
D. striking.
Answer: A
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Define the following terms:
a) Indifference curve b) Utility
GDP understates the amount of economic production in the United States because it excludes ________.
A. spending for the U.S. military B. purchases of stocks and bonds C. work performed by households for their own benefit D. transfer payments
Which of the following is a behavioral implication of bounded rationality?
A) unbounded selfishness B) a rule of thumb C) a rational mistake D) a nervous breakdown
You win a lottery that pays $50,000 each year for the next 10 years beginning next year. How much are your winnings worth today?
A. $0 B. $50,000 C. $500,000 D. indeterminate with the given information