An important category of bias in human decision making is:
A. temptation.
B. revealed preference.
C. ease of the decision-making process.
D. All of these are important sources of bias in decision making.
A. temptation.
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Corrected for inflation, the real GDP was only about _____ times greater in 2014 than in 1959
a. 3.1 b. 5.3 c. 6.7 d. 11.2
Refer to the above diagram, in which S1 and D1 represent the original supply and demand curves and S2 and D2 the new curves. In this market:
A. the new equilibrium price and quantity are both greater than they were originally. B. point M shows the new equilibrium position. C. an increase in demand has been more than offset by an increase in supply. D. the equilibrium position has shifted from M to K.
Suppose a perfectly competitive firm faces the following short-run cost and revenue conditions: ATC = $6.00; AVC = $4.00; MC = $3.50; MR = $3.50. The firm should
A) increase output. B) increase price. C) remain at the same position. D) shut down.
Country A would have an absolute advantage compared to Country B in the production of corn if
A. Country A uses fewer resources to produce corn than Country B does. B. the demand for corn is higher in Country A than in Country B. C. corn can be produced at lower cost in terms of other goods than it could be in Country B. D. corn sells for a higher price in Country A than in Country B.