Rationality implies that in order to get what they want, people will spend the most time and effort
a. making private market decisions
b. getting politically involved
c. investigating political candidates' platforms
d. debating social issues
e. writing to Congress
A
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What is the endowment effect?
A) the tendency of firms to use celebrities endowed with good looks to promote their products B) the phenomenon that economic agents are endowed with different qualities and abilities so that trade among individuals increase efficiency C) the tendency of people to be unwilling to sell something they already own even if they are offered a price that is greater than the price they would be willing to pay to buy the good if they didn't already own it. D) the tendency for economic agents with abundant resources to consume a proportionately greater quantity of goods and services
If people expect nominal interest rates to be higher in the future, the expected return to bonds ________, and the demand for money ________
A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases
American economic history is important because it will help you understand
(a) how to change strategically the course of the future since it was shaped by the past. (b) why some armies failed and others succeeded. (c) how to change the past. (d) how to produce the exact same type of successful growth and development in other countries.
Which of the following is the most common form of business organization in the United States?
A) proprietorship B) partnership C) corporation D) S-corporation