What do economists call the study of situations in which people act in ways that do not appear to be economically rational?
a. normative economics
b. rational economics
c. behavioral economics
d. the economics of fairness
c. behavioral economics
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Something is valuable if:
A. it does not involve a trade-off. B. it is a good or a service. C. someone wants it. D. it was made using resources.
Compared to two-party systems, proportional-representation systems are thought to:
A. lead to more centrist policies. B. offer a wider variety of platforms among which voters can choose. C. create unwieldy combinations of policies within one platform. D. be much less efficient and lead to very few compromises when voting.
The exchange of one good for another, without the use of money, is known as:
a. acquisitive exchange. b. liquidity. c. volatility. d. barter. e. currency.
If a tax is imposed on the sellers of a product, then the tax burden will fall entirely on the sellers
a. True b. False Indicate whether the statement is true or false