Decision makers who try their best for rationality but are constrained by limited information and processing abilities are referred to as:
a. irrational.
b. partially rational.
c. boundedly rational.
d. perfectly rational.
C
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Under a flexible exchange rate system, if the quantity supplied of dollars is greater than the quantity demanded of dollars, there is a:
A) balance of payments deficit and the dollar would depreciate. B) balance of payments surplus and the dollar would depreciate. C) balance of payments deficit and the dollar would appreciate. D) balance of payments surplus and the dollar would appreciate.
Producing a soccer ball costs Jake $5 . He sells it to Darby for $35 . Darby values the soccer ball at $50 . For this transaction, the total surplus in the market is $40
a. True b. False Indicate whether the statement is true or false
In order to minimize losses in the short run, a perfectly competitive firm should shut down if
A. total revenue is less than total cost. B. total revenue is less than the difference between total fixed cost and total variable cost. C. total revenue is less than total variable cost. D. total revenue is less than total fixed cost.
When a state government chooses to build more roads, the resources used are no longer available for public education programs. This dilemma illustrates the concept of
A. unintended consequences. B. scarcity. C. production expenses. D. unemployment issues.