The logical (and sometimes illogical) shortcuts that people derive from experience which economize on their mental capabilities are called:
a. irrationalities.
b. heuristics.
c. statistical errors.
d. probabilities.
B
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If the Fed wishes to increase nominal interest rates, it must engage in an open market ________ of bonds that ________ the money supply.
A. sale; does not change B. sale; increases C. sale; decreases D. purchase; increases
Combating the "greenhouse effect" does not create classic free-rider problems
a. True b. False Indicate whether the statement is true or false
An example of an implicit cost is:
A. the value of a spare bedroom turned into a home office. B. wages paid to a family member who works at the firm. C. operating costs of a company-owned car. D. interest paid on a bank loan used to purchases equipment.
In Sioux Falls, South Dakota, there are many pizza restaurants, each offering similar types of pizza but each restaurant is located in a different place around the city. It is likely a pizza restaurant in Sioux Falls, South Dakota, operates in a(n):
A. perfectly competitive market. B. monopolistically competitive market. C. monopoly market. D. oligopoly market.