According to the text, the procedure of "anchoring and adjustment:"
A. describes people who are dogmatic in their views but change when new data comes.
B. often leads to biased estimates.
C. usually leads to correct estimates without rational calculations.
D. explains why people tend to succeed at new business ventures.
Answer: B
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Any competitive equilibrium is Pareto-efficient because, with a competitive equilibrium,
A) the marginal rates of substitution are equal for all consumers. B) the price line is the contract curve. C) mutual gains from trade exist. D) the slope of the price line equals the ratio of the MRS for all consumers.
If a country tries to stimulate the economy with fiscal policy, the effects will be exchange rate
a. depreciation, lower interest rates, and a small increase in aggregate demand. b. depreciation, higher interest rates, and a small decrease in aggregate demand. c. appreciation, lower interest rates, and a small increase in aggregate demand. d. appreciation, higher interest rates, and a small increase in aggregate demand.
If the productivity of an assembly line worker rises from 6 rivets per minute to 9 rivets per minute, we can say that her productivity
A. fell by 50%. B. stayed the same. C. rose by 50%. D. rose by 100%.
Ownership advantages refer to a firm's specific assets, international experience, and the ability to develop either low-cost or highly differentiated products within the context of its particular value chain.
a. true b. false