Which of the following is a behavioral implication of bounded rationality?
A) unbounded selfishness
B) a rule of thumb
C) a rational mistake
D) a nervous breakdown
B
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If a firm's labor input response to a decrease in the wage differs between the short and the long run, we know that more workers will be hired after the initial short run adjustment.
Answer the following statement true (T) or false (F)
The economic way of thinking asserts, as a universal claim, that
A) politicians are immoral. B) voters are immoral. C) morals don't matter in politics. D) all of the above are true. E) none of the above are true.
Assuming that the United States is the domestic economy, ________ are goods and services produced by ________ and purchased by ________
A) exports; foreign countries; the United States B) exports; the United States; the United States C) imports; foreign countries; the United States D) imports; foreign countries; foreign countries
In the 1850s, the growth rate of real wages in U.S. manufacturing slowed to nearly zero because
a. the demand for manufacturing labor and the supply of manufacturing labor increased by approximately the same amount during this period. b. the demand for manufacturing labor and the supply of manufacturing labor decreased by approximately the same amount during this period. c. the demand for manufacturing labor increased more rapidly than the supply of manufacturing labor during this period. d. the demand for manufacturing labor increased while the supply of manufacturing labor decreased during this period.