In effect, people feel that driving is safer than flying and also prefer to do so because of _____
a. anchoring
b. overconfidence
c. status quo
d. loss aversion
e. familiarity
b
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If the price of a pizza were to increase to $50, many people would give up eating pizza while others would continue to eat it. This would indicate
A) those who are buying pizza value it at least $50 per pizza. B) those who are not buying pizza value it more than $50 per pizza. C) only those who are extremely wealthy are buying pizza. D) the price of pizza needs to be regulated by the federal government.
A consumer maximizes utility by allocating time so that the expected marginal utilities of the last unit of time spent in each activity are identical
a. True b. False
The change in consumption divided by a change in income is called the
a. consumption function b. marginal propensity to consume c. marginal propensity to spend d. spending function e. changing propensity to consume
Food stamps are government-issued "money" that can be used
a. by low-income people to buy food in supermarkets and restaurants b. to exchange for real money to be used for purchases of food c. by low-income people at most food stores to buy specific food items d. by foreign tourists to buy imported foods e. by low-income people to buy only bread, milk, and cheese from government outlets