If Sean thinks that the choice between going to Olive Garden or Red Lobster is simply too confusing, a behavioral economist will explain that Sean is showing ________
A) the endowment effect
B) bounded rationality
C) bounded self-interest
D) bounded will power
B
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Which of the following statements regarding price elasticity of supply and the length of time for adjustment is FALSE?
A) The longer is the time period for adjustment, the greater is the price elasticity of supply. B) The longer is the time period for adjustment, the less is the extent to which resources flow into (or out of) an industry through expansion (or contraction) of existing firms. C) The longer is the time period for adjustment, the greater is the extent to which entry or (exit) of firms increases or (decreases) production in an industry. D) The shorter the time period for adjustment, the greater is the price elasticity of supply.
Other things equal, if the wage rates paid to a firm's labor inputs were to rise, we would expect the:
A. AFC, AVC, ATC, and MC curves all to rise. B. AVC, ATC, and MC curves all to rise. C. AFC and ATC curves to fall. D. MP curve to fall.
Which of the following transactions is not counted in? GDP?
A. The U.S. government pays for national defense B. A business buys new computers for its workers C. Consumer buys a new house D. Consumer mows his own lawn.
Which of the following would not be counted in 2016's GDP?
A. the 2016 salary of a used furniture salesperson B. the value of a laser printer manufactured in 2016 but not sold in 2016 C. the commissions earned by a sales associate in selling home theater systems built prior to 2016 D. the value of a 1976 convertible you purchase from a dealer in 2016