An important category of bias in human decision making is:
A. temptation.
B. ease of the decision-making process.
C. revealed preference.
D. All of these are important sources of bias in decision making.
Answer: A
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The distinction between exogenous and endogenous variables is important because:
a. Endogenous variables are real factors while exogenous variables are nominal factors. b. Endogenous variables are fixed by definition. c. Exogenous variables are fixed by definition. d. Endogenous variables are determined within the Three-Sector-Model while exogenous variables are not. Endogenous variables are therefore treated as shocks to the Three-Sector-Model. e. Endogenous variables are determined within the Three-Sector-Model while exogenous variables are not. Exogenous variables are therefore treated as shocks to the Three-Sector-Model.
As the economy expands, tax revenues _____ and transfer payments _____.
A. fall; rise B. fall; fall C. rise; fall D. rise; rise
Capital outflow from a country during a financial crisis will
A. result in an appreciation of the domestic currency. B. lower domestic interest rates. C. put pressure on local financial institutions. D. lower foreign stock prices.
Classical economists who allow for shocks other than productivity shocks to affect the economy use ________ models rather than RBC models
A) Keynesian B) monetarist C) nonlinear D) DSGE