An organic food manufacturing company has been advertising widely against the consumption of inorganic food. This is an example of ________
A) backward induction
B) indoctrination
C) anchoring
D) sniping
B
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If a significant portion of firms in the economy does not immediately adjust product prices, then the short-run aggregate supply curve
A) slopes downward. B) slopes upward. C) is horizontal. D) is vertical.
A decrease in real GDP would affect the U.S. economy by:
a. cutting tax revenues and raising government expenditures. b. cutting government expenditures and raising tax revenues. c. raising both tax revenues and government expenditures. d. cutting both government expenditures and tax revenues.
The difference between the price the seller receives for a good or service and the minimum price he would be willing to accept for that unit is called: a. the total gains from trading that unit. b. the gain in producer surplus
c. the gain in consumer surplus. d. the total surplus.
Assume that the U.S. can produce either 10 million cell phones or 20 million picture frames and that Canada can produce either 2 million cell phones or 6 million picture frames. Based on this information, which of the following is true?
A. Both countries could benefit if the U.S. traded cell phones to Canada for picture frames. B. Both countries could benefit if the U.S. traded picture frames to Canada for cell phones. C. Canada could gain from trade but the U.S. could not. D. The U.S. could gain from trade but Canada could not.