The phenomenon that unusual events are likely to be followed by more nearly normal is known as:
A. regression to the mean.
B. anchoring and adjustment.
C. fungibility.
D. the adaptive rationality standard.
Answer: A
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Suppose a 25-year-old worker purchases a $5,000 bond that pays 6% interest per year which she plans to withdraw when she retires in 40 years. How much will the $5,000 accumulate to in 40 years? If the worker faces a marginal tax rate of 30% on interest income, how much will the $5,000 accumulate to in 40 years?
According to Figure 7.1 in Country A,
A. Relative prices may have been changing, but average prices were constant. B. Average prices were constant, and unemployment was increasing. C. Relative prices were definitely constant. D. Average prices and relative prices were definitely changing.
A consumer has spent all of his funds on hamburgers and movies. The price of a hamburger is $1 and the price of a movie is $5. The marginal utility of the last hamburger is 5 and the marginal utility of the last movie is 40. This consumer has
A. not maximized utility. To maximize utility, he should cut back on movies and buy more hamburgers. B. not maximized utility. To maximize utility, he should cut back on hamburgers and buy more movies. C. maximized utility. D. not maximized utility. To maximize utility, he should cut back consumption of each.
Which of the following statements presents inaccurate information about the early U.S. labor movement?
a. Courts in the early 19th century often found unions guilty of conspiracy. b. Unskilled factory workers were the primary beneficiaries of early labor gains. c. In the 1820s and 1830s, small craft societies began to coalesce to form larger unions. d. Early unions experimented with collective bargaining, strikes and closed shops.