Behavioral economics helps explain why customers ________ at J.C. Penney
A) favored the policy of everyday low prices and not sales and coupons
B) favored sales and coupons and not the policy of everyday low prices
C) were equally happy with sales and coupons and the policy of everyday low prices
D) responded negatively to both sales and coupons and the policy of everyday low prices
Answer: B
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Orchards provide services to beekeepers because the bees use the pollen to make honey. This is an example of
A) a positive externality, and too many orchards exist in society. B) a positive externality, and too few orchards exist in society. C) a negative externality, and too many orchards exist in society. D) a negative externality, and too few orchards exist in society.
Often single-owner proprietorships seem more profitable than they really are. The reason for this is that
A) they receive special tax benefits compared to corporations. B) they use different accounting procedures. C) they often fail to consider the opportunity cost of the labor provided by the owner. D) they are not allowed to deduct depreciation expense.
Without specialization, individuals might spend time producing ________ goods.
A. unwanted B. low cost C. high cost D. general
Use the economic way of thinking to answer the following question: Does a diabetic need insulin?
A) No B) Yes, and therefore diabetics will always buy all what they need. C) Probably, but diabetics often find substitutes for insulin in the real world. D) Probably, but diabetics only care about the expected cost of insulin and ignore the expected benefits.