Behavioral economists recommend mechanisms that help people:
A. find the lowest cost for items that maximize their utility.
B. stick with choices they say they want to make, but often don't.
C. enact utility-maximizing decisions based on complete information.
D. Behavioral economists have not developed tools that help people with any of these.
B. stick with choices they say they want to make, but often don't.
You might also like to view...
"Allocative efficiency requires that the maximum number of people have access to all of the goods and services that our economy produces." Is this statement true or false? Explain your answer
What will be an ideal response?
Which of the following could be considered a macroeconomic issue?
A. T-Mobile and MetroPCS finalize a merger. B. Twinkies goes bankrupt, and the entire snack industry experiences losses. C. The unemployment rate in the US falls to 7.5 percent from 7.7 percent during the month of June. D. The decision of Microsoft to offer a free upgrade to Windows 10.
For a competitive firm, the value of output ___________ and the marginal product of labor ___________ with each additional worker hired.
A. stays constant; decreases B. increases; decreases C. increases; increases D. decreases; stays constant
Answer the following statements true (T) or false (F)
1. The U.S. unemployment rate excludes unemployed workers who are not actively seeking work. 2. The demand for unskilled workers has been growing as a percent of total U.S. labor force in recent years. 3. A sizable part of increases in the U.S. labor force in the past few decades has been due to the influx of women. 4. Service-oriented jobs make up more than three-quarters of total employment in the U.S. labor force. 5. The number and the percentage of U.S. workers in labor unions have decreased in the past decade.