To decide what is meant by enlightened self-interest, behavioral economists will:
A. make their models more mathematically rigorous.
B. use the ceteris paribus assumption repeatedly.
C. base their models on induction.
D. use laboratory and field experiments.
Answer: D
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Economists assume people's choices
A) are inherently random. B) are the result of greed. C) cannot be predicted. D) conflict with the actions or interests of everyone else. E) create options for other people.
The above figures show the market for oranges. Which figure shows the effect of a new technology called "the orange picker," which harvests oranges less expensively than ever before?
A) Figure A B) Figure B C) Figure C D) Figure D
From 2013 to 2014, the CPI for medical care increased from 150 to 159 . What was the inflation rate for medical care?
a. 5.7 percent b. 6.0 percent c. 9.0 percent d. 59.0 percent
Assume that the United States imposes a quota on Scottish wool suits. Relative to the equilibrium price that would exist in the absence of quotas, the equilibrium price of suits in the United States will most likely _______ , and the equilibrium price of suits in Scotland will most likely _______ .
A) remain the same; decrease B) remain the same; increase C) increase; increase D) increase; decrease