Deciding not to buy any junk food at the grocery store while shopping for the week is:
A. an example of removing temptation in an effort to match present-oriented decisions more closely to future-oriented ones.
B. an example of how individuals may compensate for the time inconsistency of their actions.
C. an example of a tool people can use in order to enact the actions they say they want to make, but have a hard time making.
D. All of these are true.
D. All of these are true.
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Under a managed float,
a. a central bank allows the forces of supply and demand to determine the exchange rate b. a nation can have neither a trade deficit nor a trade surplus c. a nation "pegs" its price level to a foreign currency d. a nation "pegs" its price level at some fixed value e. a central bank intervenes in the foreign exchange market to stabilize its exchange rate
A major feature of a market system is that:
A. there is full employment. B. there is consumer sovereignty. C. all producers make profits. D. there is economic equality.
Which economist argued that free markets unleashed the "animal spirits" of entrepreneurs, propelling innovation, technology, and growth?
A. John Maynard Keynes. B. Kenneth Olsen. C. Lord Kelvin. D. Irving Fisher.
Refer to the above diagram. All data are for the short run. If product price is P3, the firm will:
A. shut down. B. produce Q5 units and break even. C. produce Q4 units and break even. D. produce Q4 units and make an economic profit.