The amount of information an individual would seek before making a decision:
A. varies directly with the importance of the decision.
B. is about the same across all individuals.
C. depends on how much time it will take to get the information regardless of the decision.
D. is the same across all decisions but varies across individuals.
Answer: A
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What is the slope of the consumption schedule or consumption line for a given economy?
A. APS B. 1 ? MPC C. 1 ? MPS D. APC
Given the information in the table above. What is the opportunity cost of Cloth in terms of Widgets in Foreign?
What will be an ideal response?
The real rate of interest is the
a. money rate of interest plus the inflationary premium. b. money rate of interest minus the inflationary premium. c. yield one can expect to receive on loanable funds without taking significant risk. d. risk component associated with the ownership of real assets.
Objections to monopolies do not include which of the following?
a. They reduce output below the efficient level of output that would be produced in perfect competition. b. They reduce the price below what would be charged in perfect competition. c. They charge a price that is greater than marginal cost. d. They create a welfare cost. e. All of the preceding are objections to monopolies.