The rule of thumb that estimates the frequency of an event by the ease with which it is possible to summon examples from memory is the:
A. availability heuristic.
B. representative heuristic.
C. anchoring heuristic.
D. adjustment heuristic.
Answer: A
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The above table gives some production and cost information for Flaming Fernando's, a restaurant that sells Fiery Frijoles. What is the average variable cost of producing 1,000 frijoles?
A) $1 B) $2 C) $3 D) More information is needed to determine the answer.
In a game with multiple Nash equilibria, all of the following can be used to determine the equilibrium of the game except which one?
A) the Focal point B) a coin flip C) the Pareto criterion D) refinements
A tax rate cut, increase in government purchases, and creating an investment tax credit would shift: a. only the aggregate demand curve
b. only the aggregate supply curve. c. both the aggregate supply and aggregate demand curves. d. neither the aggregate supply nor the aggregate demand curve.
Which of the following formulas is used to find the cumulative increase in AD from a particular fiscal stimulus?
A. The multiplier × fiscal stimulus. B. Fiscal stimulus ÷ MPC. C. MPC × fiscal stimulus. D. Fiscal stimulus ÷ the multiplier.