How does a market demand curve differ from an individual demand curve?
a. It forms a triangle.
b. It is inverted.
c. It has steps.
d. It is smoother.
d. It is smoother.
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What is the Economic Freedom of the World index designed to measure? What will determine whether the rating of a country will be high or low on this index?
Which of the following best explains the difference between neoclassical economics and behavioral economics?
A. Neoclassical economics believes that government should play a minimal role in the economy, while behavioral economics calls for a more active role for government. B. Neoclassical economics assumes that people are rational in their decision making, while behavioral economics believes people make systematic errors. C. There is no real difference; behavioral economics just studies more intently how the rational decision-making process works. D. Neoclassical economics no longer offers valid explanations for economic outcomes, while behavioral economics does.
A college education can be a signal because
A) a college education is expensive. B) those who graduate college have successful parents, and are therefore also likely to be successful. C) highly capable people are more likely to finish college than those with low capabilities. D) college teaches useful skills and gives valuable training.
In the reality TV show Storage Wars, people bid on the contents of repossessed storage units without being able to evaluate the contents. This is an example of a ________ auction
A) common value B) private value C) Dutch D) second-price