Based on the studies of human decision making, which of the following statements is correct?
a. Most people are not bothered by perceived unfairness as long as they receive some compensation, even if the amount is very small.
b. Most people are very willing to change their minds.
c. Many people's preferences are inconsistent over time.
d. All of the above are correct.
c
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Surplus refers to:
A. a way of measuring who benefits from transactions and by how much. B. the difference between the price the buyer would have paid and the actual price paid. C. the difference between the price the seller would have accepted and the actual sell price. D. All of these statements are true.
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.
Slope is calculated as the:
A. change in the vertical variable divided by the change in the horizontal variable. B. change in the horizontal variable divided by the change in the vertical variable. C. the vertical axis divided by the horizontal axis. D. change in the vertical variable.
If an individual borrows $100 at an annual rate of interest of 5%, how much interest will he have to pay at the end of a year?
A) $5 B) $10 C) $20 D) $50