A dieter who prefers to eat small portions at his next meal, but chooses a large portion at mealtime when it arrives is:
A. dynamically consistent.
B. dynamically inconsistent.
C. exhibiting self-control.
D. exhibiting a past bias.
B. dynamically inconsistent.
You might also like to view...
Which of the following is FALSE with respect to regulation?
A) Regulated firms commonly try to avoid the effects of regulation whenever they can. B) Firms engage in creative responses which conform to the letter of the law but undermine its spirit. C) Regulation has resulted in state laws that have made creative response illegal in many states. D) Recent regulations have generated feedback effects that undermined the key aim of the rules.
If the supply of a good is inelastic, a decrease in price must increase total revenue
a. True b. False Indicate whether the statement is true or false
As coffee becomes more expensive, Joe starts drinking tea instead of coffee. This is called:
A. the income effect of a price change. B. a decrease in reservation price. C. a decrease in demand. D. the substitution effect of a price change.
Debit cards are
A) counted as money because they perform the medium of exchange function of money. B) not considered money because they merely show that their owners have a relationship to money. C) are counted as a part of M2 but not M1. D) counted as money because they provide access to their owners' checkable deposits.