Which of the following is NOT an alleged "unrealistic" assumption that proponents of behavioral economics suggest are commonly utilized in traditional economic models based on the rationality assumption?
A) unbounded selfishness
B) unbounded rationality
C) unbounded will power
D) unbounded resources
D
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The most volatile component of aggregate demand is
A. consumer spending. B. government purchases. C. net exports. D. investment spending.
The distribution of wealth is skewed in part because people with high wealth
A) save very little. B) tend to marry people with similar wealth. C) have very little skills. D) do not earn much more than those with low incomes.
Which of the following is a correct statement about unions in the United States?
A) The trend away from manufacturing and the deregulation of certain industries has promoted unionization of the U.S. workforce. B) Half of the top ten U.S. unions now have members who work in service and government occupations. C) Since the 1960s, there has been a gradual increase in the proportion of U.S. workers who are members of unions. D) Half of all U.S. workers are union members.
The Coinage Act of 1792 set the relative values of silver and gold coins at 15 to 1 . Suppose the relative market values of silver and gold had equaled 16 to 1 . In this case,
a. only gold would circulate as money. b. gold would be hoarded and sold abroad. c. gold would be overvalued at the mint. d. individuals would profit by selling gold to the mint.