Rather than always choosing the best course of action, humans make decisions that are merely good enough. In other words, they are
satisficers.
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In a Lorenz curve, perfect income equality is represented by
A) a vertical line. B) a horizontal line. C) a rectangular hyperbola. D) a 45-degree line originating from the origin.
Adam is looking for a job in marketing. He has had some offers and his prospects are promising, but he has not yet accepted a job. Amanda lost her job working for Mercury Bicycles because many customers decided they prefer bicycles manufactured by Ultimate Bicycles instead. Who is frictionally unemployed?
a. Adam but not Amanda b. Amanda but not Adam c. both Adam and Amanda d. neither Amanda nor Adam
We can expect producers to pay:
A. None of these statements is true. B. less for land with lower productivity. C. more for land with lower productivity. D. less for land with higher productivity.
Over the two decades leading up the 2008 crisis, ________ interest rates meant that consumers could take on ________ debt without significantly increasing the amount of debt service they had to pay.
A. falling; less B. falling; more C. rising; more D. rising; less