Psychological incentives:
A. can serve as commitment devices.
B. are not important in non-economic settings.
C. never serve as commitment devices.
D. are not important in economic settings.
Answer: A
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Many economists believe that our price indexes ________ the true inflation rate
A) minimize B) overstate C) understate D) perfectly measure
Which area in the above figure is the deadweight loss if 100 snowboards are produced?
A) A + B + C B) D + E + F C) C + E D) There is no deadweight loss when 100 snowboards are produced.
The point where quantity demanded and quantity supplied are equal is known as the
a. ceiling price. b. minimum price. c. equilibrium price. d. administered price.
The opportunity cost of an activity
a. depends on the individual's subjective values and opinions b. is the same for everyone c. must be calculated and known before undertaking that activity d. is irrelevant to decision making e. is not related to time