According to economists Hamermesh and Biddle, how much more do people who are deemed more attractive than average earn?
5% more
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Implicit costs are
A) costs that are measured in dollars. B) costs that do not involve an exchange of money. C) costs that typically involve the exchange of money. D) the same as explicit costs.
Suppose the exchange rate is such that 1 U.S. dollar equals 1 euro in New York and 0.9 euros in Paris. An arbitrageur would sell euros
a. in New York and buy U.S. dollars in Paris b. in Paris and buy U.S. dollars in New York c. in New York while buying them in Paris d. in Paris while buying them in New York e. at the same price in both cities
Behavioral economists use findings from psychology to explain complex consumer behavior that cannot always be explained by traditional economic models
a. True b. False Indicate whether the statement is true or false
A. W. Phillips' findings were based on data
a. from 1861-1957 for the United Kingdom. b. from 1861-1957 for the United States. c. mostly from the post-World War II period in the United Kingdom. d. mostly from the post-World War II period in the United States.