The Weber-Fechner law is the relationship according to which the perceived change in any stimulus:
A. depends upon the ease with which it is possible to summon similar changes from memory.
B. varies depending upon whether the change triggers loss aversion.
C. varies according to the size of the change measured as a proportion of the original stimulus.
D. depends upon an initial approximation, which is then updated in accordance with additional information.
Answer: C
You might also like to view...
Price supports are generally used in
A) labor markets. B) industrial markets. C) housing markets. D) markets for services. E) agricultural markets.
Disadvantages of experiments include the fact that:
A. decisions made in the laboratory replicate those made in the real world. B. laboratory experiments introduce influences on decision making that are difficult to measure or control. C. the number of subjects is typically so large, that it is difficult to apply the results to economic behavior in the population. D. decisions made in the laboratory replicate those made in the real world and the number of subjects is typically so large, that it is difficult to apply the results to economic behavior in the population.
Refer to the given figure.
Based on the diagram, the nominal interest rate equals ________ and the money supply equals ________.
A. 1 percent; 500 B. 5 percent; 500 C. 7 percent; 300 D. 3 percent; 700
Refer to the above figure. Line ACE is called
A. the savings function. B. the 45-degree line. C. the saving function. D. the consumption function.