A scientist who is studying earthquakes includes the impact of wind when performing some tests of damages to structures. This is an example of
A) failing to understand how to do scientific methodology.
B) irrational behavior in noneconomic situations.
C) accounting for every possible phenomena that may effect the problem under examination.
D) failing to hold all other things constant.
Answer: D
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When considering choice architecture, a nudge:
A. can sometimes accomplish public policy goals in a less expensive way than traditional methods. B. presents choices that are similar to participants' ideal choices, but are slightly better than them. C. is a deliberate push by choice architect to get all people to behave a certain way. D. allows participants to choose among only choices that are good for them.
One of the drawbacks of cost-benefit analysis is that it _____
a. attempts to add up both the costs and the benefits b. is not compatible with utilitarianism c. cannot adjust for spending at different points in time d. focuses on total costs and benefits
In Marx's ideal communist society, the state:
a. actively promotes income incentives. b. follows the doctrine of laissez faire. c. owns resources and conducts planning. d. does not exist.
Which of the following is true of real GDP?
a. It measures a nation's output in terms of current year prices. b. It measures a nation's output in constant prices. c. It measures the degree of change in the general price level in an economy. d. It measures the change in the value of an economy's output. e. It measures the value of both intermediate and final goods and services produced in an economy.