When we study choice architecture, we recognize that people make:
A. choices that rarely maximize their well-being.
B. mistakes in seemingly random ways.
C. mistakes in common and predictable ways.
D. choices which always maximize their well-being.
C. mistakes in common and predictable ways.
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Which of the following tariffs resulted in worldwide retaliation against the United States during the Great Depression?
A) the Chicken tariff B) the Pasta Tariff C) the Smoot-Hawley tariff D) the Tariff of Abominations
Good news about an economic indicator __________ the denominator and __________ the numerator in the stock price valuation formula
A) raises; raises B) raises; lowers C) lowers; raises D) lowers; lowers
The model of perfect competition is most likely to apply to a market where
a. it is difficult for existing firms to exit the market b. there are a few buyers, and they are uninformed about the degree of product standardization c. there are many existing sellers, but it is difficult for new sellers to enter the market d. one dominant seller must negotiate with one dominant buyer e. there are many sellers, and they produce a standardized product
Scarcity affects
A) only rich people. B) only poor people. C) only middle income people. D) all people.