People interpret evidence to confirm beliefs they already hold. This statement is an example of which of the following systematic mistakes that people make?
a. people are overconfident
b. people give too much weight to a small number of vivid observations
c. people are reluctant to change their minds
d. All of the above are correct.
c
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Which of the following is an example of the opportunity cost involved with social regulation?
a. The monetary costs of hiring administrative assistants to fill out OSHA safety reports b. The environmental costs of pollution control required under the Clean Air Act c. The monetary costs of laboratory trials required to try out a new drug d. The lives that are lost because new drugs are not introduced quickly e. The monetary cost of manufacturing a life saving drug
One study of the distribution of wealth indicates that the bottom 40 percent of households hold 1 percent or less of total marketable wealth in the United States. Which of the following people is most likely to be in the bottom 40 percent?
A. Debra is 45 years old, and the only money she gets is $40,000 of rental payments from an apartment building she owns that is worth $250,000. She owes the bank $50,000. B. Betty is 29 years old, earns $40,000 a year, has $80,000 in a savings account, and has credit card debt of $4,000. C. Carol is 69 years old, is disabled, and is living on Social Security and dividends from her $500,000 of mutual funds. She has no debt. D. Ann is 29 years old, earns $120,000 a year, has no financial assets, but still has student loans of $4,000.
Waiters in countries where it's customary to tip waiters will tend to have lower wages than will waiters in countries where tipping is not customary.
Answer the following statement true (T) or false (F)
The demand curve for the product of a monopolistically competitive firm
A. is unitary elastic. B. is perfectly inelastic. C. is perfectly elastic. D. is downward sloping.