Psychological research shows that choices that involve ________ are likely to turn out worse than those involving ________.
A. low payoffs; high payoffs
B. simple information; complicated information
C. high payoffs; low payoffs
D. complicated information; simple information
Answer: D
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Refer to Figure 16-2. Suppose Plato Playhouse price discriminates. Which of the following statements is true?
A) By charging two different prices, the theatre company has redistributed some profits from those who can pay higher prices to those who cannot, thereby increasing economic efficiency. B) By charging two different prices, the theatre company essentially allows those willing to pay higher prices to subsidize those who are not. C) Plato Playhouse will earn higher profits if it charges a single price—an average of the two prices— instead of charging two different prices to the two different groups of customers. D) By charging two different prices, the theatre company has redistributed some profits from those who can pay higher prices to those who cannot, thereby improving equity.
Amos Long's marginal utility of income function is given as: MU(I) = I1.5, where I represents income. From this you would say that he is
A) risk averse. B) risk loving. C) risk neutral. D) none of the above
Which group has the lowest percentage of members with college degrees?
a. black women b. black people overall c. white women d. white people overall
Which statement is FALSE?
A. Our average workweek has declined by more than one third since 1900. B. Americans work more hours per year than workers in most other industrial nations. C. The number of paid holidays enjoyed by American workers has increased since the 1950s. D. American workers get more vacation time than workers in other industrialized nations.