When people convince themselves that they "knew all along" what was going to happen, when in fact their predictions were incorrect, they suffer from:
A. overconfidence bias.
B. self-serving bias.
C. framing bias.
D. hindsight bias.
Answer: D
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A weakness of the simple Keynesian model is that it does not recognize that because the transactions demand for money __________ as income increases, the interest rate __________ as income rises
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Which of the following countries has the largest union membership measured as the percentage of civilian employees in unions?
a. The United States. b. Japan. c. The United Kingdom. d. Sweden.
Which of the following is true of Antitrust policy?
a. Antitrust policy prohibits agreements that allow free trade. b. Antitrust policy restricts abusive behavior by a firm dominating a market. c. Antitrust policy allows anti-competitive practices. d. Antitrust policy restricts subsidies in goods and services. e. Antitrust policy creates trade barriers like tariffs and quota.
During a recession, both output and unemployment fall
a. True b. False