What do neoclassical economics and behavioral economics believe about giving people options?
A. Both believe that people make better decisions when they are given a greater set of
options.
B. Behavioral economics focuses on providing more options; neoclassical economics focuses
on helping people make more rational decisions with the options available.
C. Neoclassical economics focuses on providing more options; behavioral economics focuses
on helping people make better decisions with the options available.
D. Both believe that people are better off with fewer options, allowing them to spend more
time calculating the benefits and costs of each available option.
Answer: C
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In the case of the Ford Pinto, Ford decided that
A) it would be cheaper to pay damages to families involved in crashes than to fix the problems with the Pinto. B) it would be more expensive to pay damages to families involved in crashes than to fix the problems with the Pinto. C) the problems with the Pinto could not be easily or cheaply fixed. D) it would not be held liable for damages caused by the Pinto and therefore had no reason to fix them.
Olson (1971) claims that unions strive for job monopoly to achieve their goals by coercion
Indicate whether the statement is true or false
The opportunity cost of holding money is properly measured by the rate of interest on financial assets such as bonds
a. True b. False Indicate whether the statement is true or false
The fact that nominal GDP has risen faster than real GDP:
A. suggests that the base year of the GDP price index has been shifted. B. tells us nothing about what has happened to the price level. C. suggests that the general price level has fallen. D. suggests that the general price level has risen.