Recall the Application about consumer choice between Coke and Pepsi to answer the following question(s).Neuroscientist Read Montague conducted a taste test with Coke and Pepsi. When the taste test was blind, most subjects preferred ________, and when the test was nonblind, most preferred ________.
A. Coke; Pepsi
B. Coke; Coke
C. Pepsi; Coke
D. Pepsi; Pepsi
Answer: C
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Describe an arms race in economic terms. Is it rational for countries to participate in an arms race?
What will be an ideal response?
Accounting profits are calculated based upon: a. explicit cash receipts and implicit costs
b. actual cash receipts and actual expenditures of cash. c. implicit cash receipts and actual expenditures of cash. d. opportunity costs plus explicit costs.
If Stephen earns $100,000 this year and pays $20,000 in taxes and Chris earns $50,000 this year and pays $5,000 in taxes, this tax system would appear to be a. progressive
b. proportional. c. regressive. d. none of the above