The suggestion that people are "satisficers" is similar to the view that people
a. are wealth-maximizers.
b. exhibit "bounded rationality."
c. go to a lot of trouble to weigh costs and benefits before choosing a course of action.
d. change their minds often.
b
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Which of the following is an example of an in-kind transfer?
a. welfare payments b. most Social Security benefits c. unemployment compensation payments d. food stamps e. charitable contributions
A government program would impose a 25-cent tax on each pack of cigarettes in order to fund welfare programs. Such a policy
a. is not a Pareto improvement b. is an example of an economically inefficient economy c. would clearly not increase tax revenues d. is a Pareto improvement e. could only occur in a fair economy
When the money market is drawn with the value of money on the vertical axis, an increase in the money supply creates an excess
a. supply of money, causing people to spend more. b. supply of money, causing people to spend less. c. demand for money, causing people to spend more. d. demand for money, causing people to spend less.
Which of the following is incorrect?
A. Accounting profits generally overstate economic profits. B. Managers should only be interested in accounting profits. C. Economic costs include not only the accounting costs but also the opportunity costs of the resources used in production. D. Accounting profits do not take opportunity cost into account.