Which of the following terms might a behavioral economist use to describe a racetrack bettor who believes that if he bets on the horse with the longest odds every race, he will maximize his winnings?
a. fair
b. overconfident
c. rational
d. selective
b. overconfident
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Which of the following is an example of a positive externality? a. A firm emits pollution into the air, harming members of society
b. An auto body shop makes a lot of noise, reducing the property values of nearby homes. c. A coastal dairy farmer's undeveloped land offers unimpeded views of the ocean for a nearby neighborhood. d. You go to a store and pay $0.65 for a candy bar that you then eat.
If the interest rate rises, then firms' investment spending:
A. falls. B. also rises. C. remains unchanged D. reacts unpredictably.
According to international comparisons, which nation had the highest hourly pay in U.S. dollar terms in 2011?
A. United States. B. Germany. C. Denmark. D. Sweden.
Figure 18.1Refer to Figure 18.1. The opportunity cost of bicycles in Canada is:
A. 1/2 of a hang glider. B. 2/3 of a hang glider. C. 2 hang gliders. D. 4 hang gliders.