All of the following are traditional economic views except:
A. there is no such thing as a bad choice.
B. choice architecture is ineffective.
C. revealed preference shows researchers what the bad choices are.
D. choice architects have a responsibility to remain neutral when it comes to choices.
D. choice architects have a responsibility to remain neutral when it comes to choices.
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As output moves from point a to point b to point c along the PPF in the above figure, the opportunity cost of one more unit of good X
A) rises. The opportunity cost of one more unit of good Y also rises. B) rises. The opportunity cost of one more unit of good Y falls. C) falls. The opportunity cost of one more unit of good Y rises. D) falls. The opportunity cost of one more unit of good Y also falls.
Comparative advantage is defined as
A) producing all goods at lower opportunity costs than other countries can. B) producing more output of all goods than anyone else can. C) producing one good at a lower opportunity cost than another country can. D) the ability to produce more output from given inputs than anyone else can.
Which of the following members of the European Union has NOT adopted the euro?
A) Denmark B) Estonia C) Germany D) Greece
If the percent change in nominal GDP is 3 percent and inflation is 4 percent, the percent change in real GDP is:
A. 1 percent. B. 2 percent. C. -1 percent. D. 0 percent.