In economics, the concept that individuals are motivated by self-interest and respond predictably to opportunities is known as
A) rational behavior.
B) altruism.
C) normative bias.
D) empiricism.
Answer: A
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In Figure 13-1, which panel shows the effect of a recession on the interest rate?
a. Panel (B)
b. Panel (A)
c. Panel (C)
d. Panel (D)
The great Franco-American cheese war of 2009 began with:
A. beef. B. cheddar cheese import restrictions. C. Swiss cheese quotas. D. camembert cheese tariffs.
When considering choice architecture, a nudge:
A. is a gentle push in a particular direction. B. does not take away any options. C. allows anyone who wants to go in a different direction to do so. D. All of these statements are true.
Which of the following countries began economic liberalization in the 1970s and have achieved an impressive record of economic growth since that time?
a. Venezuela and Zimbabwe b. China and Chile c. Mexico and Canada d. United States and Norway