Recent work in neuroscience shows that different regions of the brain are involved in the valuation of the benefits and the costs of possible actions.
Answer the following statement true (T) or false (F)
True
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In a perfectly competitive market, in response to a permanent increase in demand:
a. the short run equilibrium price will be higher than the eventual long run equilibrium price b. the short run equilibrium price will be lower than the eventual long run equilibrium price. c. the short run equilibrium price will be the same as than the eventual long run equilibrium price. d. we cannot know whether the short run equilibrium price will be above, below or equal to the eventual long run equilibrium price.
Which of the following could lead to an inward shift of the production possibilities frontier?
a) an increase in the cost of one good b) an increase in the utilization of resources c) a rise in the level of technology d) a law is passed whereby a mandatory retirement age of 60 is imposed, from an original age of 65 e) a decrease in the utilization of resources
When two goods have positive cross elasticities of demand and negative income elasticities, they are: a. Normal and substitutes
b. Normal and complements. c. Inferior and substitutes. d. Inferior and complements.
During a recession, ______.
a. earnings and profits decrease, and government revenues increase b. earnings and profits increase, and government revenues decrease c. earnings, profits, and government revenue all decrease d. earnings, profits, and government revenue all increase