One concept that behavioral economists use to account for procrastination is:
A. the time inconsistency of our decision-making.
B. the fungibility of money.
C. thinking inconsistently about prices.
D. framing bias.
A. the time inconsistency of our decision-making.
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Profits can be thought of as
a. the return to enterprise. b. the reward for taking a risk and winning. c. what is left over after all wages, rent, and interest have been paid. d. All of these.
Spot transactions
A) involve immediate settlement. B) may only take place in face-to-face trading. C) take place on-the-spot, rather than on an organized exchange. D) are relatively unimportant in financial markets.
Which of the following best expresses the law of diminishing returns?
A. Because large-scale production allows the realization of economies of scale, the real costs of production vary directly with the level of output. B. Population growth automatically adjusts to that level at which the average product per worker will be at a maximum. C. As successive amounts of one resource (labor) are added to fixed amounts of other resources (capital), beyond some point the resulting extra or marginal output will decline. D. Proportionate increases in the inputs of all resources will result in a less-than-proportionate increase in total output.
Robert's demand curve for pizza:
A. shows the quantity of pizza that Robert consumes as his income changes. B. assumes that the only variables that change are the price of pizza and the quantity of pizza demanded by Robert. C. makes no assumptions about Robert's income. D. assumes that the only variable that changes is Robert's preference for pizza.