Older people often reminisce about the “good old days” when prices were much lower. This is misplaced nostalgia primarily because in the “good old days,”
A. prices were not really that low.
B. wages were much lower also.
C. people worked longer hours.
D. people had more leisure time.
Answer: B
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Refer to Figure 4.2. How many Nash equilibria exist in this game?
A) 0 B) 1 C) 2 D) 3
In a multiplayer game where there are two equally-enjoyable choices of what to do, and everyone wants to do what everyone else is doing, there will be three Nash equilibria
Indicate whether the statement is true or false
If Ben becomes less likely to buy smoke detectors after he has fire insurance, he is illustrating
A) moral hazard. B) adverse selection. C) the lemon problem. D) the free rider problem.
The trade-to-GDP ratio for a nation that had $600 million in exports, $400 million in imports, and GDP of $2,000 million would be
A) 0.1. B) 0.2. C) 0.5. D) -0.1.