Studies of human decision making reveal several systematic mistakes people make. Which of the following is not an example of one of these mistakes?
a. Tom tells everyone he's sure he can run a 5K in twenty-five minutes, but then tries a couple of times and takes over thirty minutes.
b. Kate hears a news report about five people dying from a tornado in Kansas and decides to cancel her plans to visit her aunt there.
c. Randi is a strong proponent of raising the minimum wage. She reads a research report on the effects of increasing the minimum wage and begins to doubt her previous thinking.
d. Jenny is shopping for a new car and has found that Hondota cars consistently get high quality ratings. Her friend had trouble with her Hondota, so Jenny decides not to purchase a Hondota.
c
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Monetarists believe that the private sector of our economy is inherently ______.
Fill in the blank(s) with the appropriate word(s).
Suppose that demand for a good increases and, at the same time, supply of the good decreases. What would happen in the market for the good?
a. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. b. Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous. c. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous. d. Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.
Which of the following statements correctly characterizes changes in farming and agriculture land during the period between 1870 and 1900?
a. The number of farms rose, but the number of acres under cultivation fell. b. The number of farms fell, but the number of acres under cultivation rose. c. The number of farms, as well as the number of acres under cultivation rose. d. The number of farms, as well as the number of acres under cultivation fell.
In a recession, the trade balance often improves because
a. service exports exceed manufactured good exports b. banks sell depressed assets c. fewer households can afford luxury imports d. direct investment abroad declines e. the capital account exceeds the current account