A graphical tool that provides a visual representation of the consequences of alternative strategies is a:
A. game tree.
B. network.
C. strategy set.
D. decision node.
Answer: A
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If wages are "sticky downwards", then this means that during periods of high unemployment, wages will:
A. fall quickly. B. resist falling. C. resist rising. D. rise quickly.
Rolando realizes that whenever he studies for at least two hours immediately before a physics exam, he gets an A on the exam, but when he does not study immediately before an exam, he gets no higher than a C on the exam. He concludes that the time spent studying immediately before the exams is responsible for his improved grades. Rolando is
A. probably misguided in that there is no apparent correlation or causation in this situation. B. very probably correct in his conclusion that the time spent studying immediately before his exams is a reason for his improved grades. C. likely correct that there is causation, but the causation is more likely running in the opposite direction in that the improved exam grades forced him to study immediately before each test. D. definitely confusing correlation with causation.
Behavioral economics is an approach to the study of consumer behavior
A) that emphasizes psychological limitations and complications that potentially interfere with rational decision making. B) that emphasizes the capabilities of individuals to succeed in attaining all their unlimited wants utilizing limited resources. C) that, in contrast to standard approaches in economics, utilizes the ceteris paribus assumption. D) that, in contrast to standard approaches in economics, relies on real-world data to evaluate the usefulness of economic models.
All of the following were actions taken by the government or the Fed in response to the Financial Crisis of 2007-2009 EXCEPT
A) purchasing of most toxic assets such as mortgage-backed securities. B) reducing the federal funds rate to near zero. C) insuring deposits in money market mutual funds. D) effective nationalization of Fannie Mae and Freddie Mac.