Behavioral economists:
A. rely primarily on data drawn from the real world.
B. rely primarily on experimental data.
C. often arrive at unreasonable conclusions about consumer welfare.
D. avoid mathematical models of behavior, as they do not adequately describe real world actions.
B. rely primarily on experimental data.
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To determine whether the goal of stable prices is being achieved, the Federal Reserve monitors the ________; to determine whether the goal of maximum employment is being achieved, the Federal Reserve monitors ________
A) GDP price deflator; real GDP B) core PCE deflator inflation rate; the output gap C) core CPI inflation rate; the natural unemployment rate D) CPI; the gap between nominal GDP and real GDP E) core GDP deflator inflation rate; the natural unemployment rate
Employment and (total) potential GDP increase if the
A) labor supply curve shifts rightward and the labor demand curve does not shift. B) labor demand curve shifts leftward more than the labor supply curve shifts rightward. C) labor demand curve shifts leftward and the labor supply curve does not shift. D) None of the above answers are correct.
Refer to Figure 14-5. If Netflix lowers its price, will this deter Spotify from setting up a streaming video service?
A) no, because Spotify will make a larger profit than Netflix if it chooses to compete B) yes, because Spotify stands to lose $1 million if it competes with Netflix C) no, because Spotify will make a profit if it competes with Netflix D) yes, because Spotify will make a smaller profit than Netflix if it chooses to compete
Quotas and tariffs provide the same outcome: restriction of international trade and higher prices for consumers
a. True b. False Indicate whether the statement is true or false