Natural resource
What will be an ideal response?
land and anything contained within the land
*ex. fish, trees, oceans, rivers, ore, etc.
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Which of the following is the Fed's monetary policy instrument?
A) the demand for reserves B) the supply of reserves C) the federal funds rate D) the core inflation rate E) the output gap
The major problem with paired-choice majority voting is that the outcome:
A. Is constant B. Is subject to bribery and abuse C. May depend on the order of the voting D. Results in clear preferences among the choices
Answer the following statements true (T) or false (F)
1. One major tenet of behavioral economics is that the human brain is prone to commit errors in perception. 2. The low-energy mental shortcuts or heuristics that the human brain commonly employs is one major reason for the systematic errors in decision-making that people make which is the focus of behavioral economics. 3. One consequence of the confirmation bias is that many people believe that they could "beat the (stock) market". 4. When people often blame "act of nature" or their colleagues for their plans going awry, they are illustrating the cognitive bias known as the overconfidence effect. 5.When people change their decision just because the context of the given information is changed, we call that the framing effect.
Suppose we know that a monopolist is maximizing its profits. Which of the following is a correct inference? The monopolist has
A. maximized its total revenue. B. set price equal to its average cost. C. equated marginal revenue and marginal cost. D. maximized the difference between marginal revenue and marginal cost.