The general resistance to change, often stemming from loss aversion, is known as:
A. the present aim standard of rationality.
B. the Weber-Fechner law.
C. regression to the mean.
D. status quo bias.
Answer: D
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We would expect the cross elasticity between tennis racquets and tennis balls to be:
a. negative. b. positive. c. zero. d. one. e. infinite.
Which of the following illustrates an optimistic expectation of the people about the economy?
a. A movement to the right along the aggregate demand curve b. A rightward shift of the aggregate demand curve c. A leftward shift of the aggregate demand curve d. A movement to the left along the aggregate demand curve e. A flatter slope of the aggregate demand curve
An increase in the price of milk causes a decrease in the demand for cereal. The two products are
a. demand sensitive b. substitutes c. demand inelastic d. complements
Briefly explain what you would expect to see happen to spending on health care over time, with health care being considered as a normal good
What will be an ideal response?