Answer the following statement true (T) or false (F)
1) Heuristics generally help people to make decisions faster, but also to make more errors.
2) Heuristics help people make faster, error-free decisions.
3) Recognition heuristics help advertisers gain customers.
4) Heuristics generally operate in brain System 2.
1) T
2) F
3) T
4) F
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Charles wants to buy a pound of salted tuna. He is willing to pay up to $3 per pound for his favorite brand. The local store sells this brand of tuna for $2 . If Charles purchases a pound of tuna, then his consumer surplus is _____
a. $1 b. $1.50 c. $0.50 d. $2
Democracy tends to best promote economic freedom when there is
a. checks on the power of both the executive and legislative majorities. b. constitutional protection of private property rights. c. political decentralization. d. all of the above.
An inflationary gap is created when
A) real GDP is greater than potential GDP. B) real GDP equal to potential GDP. C) the inflation rate is less than potential inflation. D) the price level exceeds the equilibrium price level. E) potential GDP is greater than real GDP.
When graphing a demand curve for corn, we are showing the relationship between the quantity demanded of corn and the
A) money price of corn. B) relative price of corn. C) income effect. D) substitution effect.