Gabby flips a fair coin and it comes up heads. Gabby suffers from the gambler's fallacy if:
A. she thinks the coin will come up heads on the next flip because it came up heads on the previous flip.
B. she is more willing to bet on the outcome of the next flip.
C. she thinks the coin is less likely to come up heads because it came up heads on the previous flip.
D. she thinks the coin is equally likely to come up heads or tails on the next flip.
C. she thinks the coin is less likely to come up heads because it came up heads on the previous flip.
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GDP is an indicator of a society’s standard of living, but it is only a rough indicator.
Select whether the statement is true or false. A. True B. False
The term "factor market" applies to the market for
a. labor. b. capital. c. land. d. All of the above are correct.
In the 1970s, in response to recessions caused by an increase in the price of oil, the central banks in many countries increased their money supplies. The central banks might have done this by
a. selling bonds on the open market, which would have raised the value of money. b. purchasing bonds on the open market, which would have raised the value of money. c. selling bonds on the open market, which would have raised the value of money. d. purchasing bonds on the open market, which would have lowered the value of money.
A monopoly responds to a decrease in marginal cost by _____ price and _____ output.
a. increasing; increasing b. decreasing; increasing c. increasing; decreasing d. decreasing; decreasing