Harry needs to hire a lawyer but does not know how to find a good one. The lawyer is a(n)
A) experience good.
B) credence good.
C) logo good.
D) search good.
B
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Suppose the quantity of money and real GDP do not change. If velocity increases, then the
A) price level will fall. B) price level will rise. C) inflation rate will fall. D) real interest rate will fall. E) real interest rate will rise.
Which of the following statements is true of optimization?
A) Optimization analysis only relates to the financial budget of an economic agent. B) Individuals who optimize do not consider costs when choosing the most feasible alternative. C) Economic agents can optimize only when they are able to perfectly estimate all future costs and benefits. D) Economic agents who optimize attempt to choose the best feasible option, given the information that they have.
Which branch of economics considers that economic agents do not always act rationally?
A) Microeconomics B) Macroeconomics C) Behavioral economics D) Econometrics
Which of the following is NOT exempt from antitrust laws?
A) professional baseball B) labor unions C) airlines D) public transit systems