Satisficing is the decision-making strategy that:
A. attempts to minimize the harm from losses rather than maximize the pleasure from gains.
B. aims for optimal results in situations where the decision maker has perfect information.
C. focuses on how one's consumption compares to the consumption of others, rather than on absolute consumption.
D. aims for adequate results when achieving optimal results may necessitate an excessive expenditure of resources.
Answer: D
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What makes something money? What functions does money perform? Why do you think packs of chewing gum don't serve as money?
What will be an ideal response?
An increase in taxes on labor earnings, everything else equal
a. shifts the labor supply curve to the left and increases the real wage. b. shifts the labor supply curve to the right and increases the real wage. c. shifts the labor supply curve to the right and reduces the real wage. d. shifts the labor supply curve to the left and reduces the real wage.
Which of the following decreases in labor demand is due to a change in product demand?
A. An increase in the price of steel increases the cost of producing cars and trucks, thus decreasing the demand for automobile workers. B. A decline in productivity in retailing decreases the demand for retail sales workers. C. The widespread availability of news on the web reduces the demand for newspaper workers. D. An increase in the price of paper increases the cost of making books, thus decreasing the demand for bookbinders.
Bob's Barber Shop cut 3,000 heads of hair in 2014 and 3,100 in 2015. The price of a haircut was $7 in 2014 and $8 in 2015. If 2014 is the base year, what was Bob's contribution to real GDP in 2014?
A. $21,700 B. $24,000 C. $21,000 D. $24,800