The ________ accommodates a much broader range of observed behavior than traditional economic models, but has been criticized because virtually any bizarre behavior can be explained by assuming people have a sufficiently strong taste for it.
A. present aim standard of rationality
B. ultimatum bargaining game
C. adaptive rationality standard
D. availability heuristic
Answer: A
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A modern example of the tragedy of the commons is the forests in many poor countries
Indicate whether the statement is true or false
When spending falls short of output, additional inventories are created
a. True b. False Indicate whether the statement is true or false
The marginal revenue that would be derived from producing a fifth unit of output is
A. $18.
B. $16.
C. $14.
D. $12.
Most foreign investment is today is directed towards high-income countries because
A) there are tax breaks and subsidies available. B) markets are larger, so transportation costs are minimized by producing near the market. C) high-income countries are politically stable. D) there are no economies of scale in low-income countries.