A person setting up automatic deductions through her employer so a portion of her pay goes into a "Christmas account" is an example of:
A. status quo bias.
B. the endowment effect.
C. positive framing.
D. a commitment device.
D. a commitment device.
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By holding highly liquid assets to guard against sudden large withdrawals, banks: a. sacrifice safety
b. sacrifice profitability. c. increase profitability. d. diversify their portfolio. e. earn more interest than they could on business loans.
Other things constant, a decrease in consumer income will
a. decrease the demand for large-screen television sets. b. increase the demand for large-screen television sets. c. cause a movement along the demand curve for large-screen television sets, but it will not shift the demand curve. d. have no impact on the quantity demanded or the demand curve for large-screen television sets.
Which of the following is the best definition of what economists define as total income?
A. inheritance B. payment for labor services, for use of other factors of production, and gifts and government transfers C. payment for labor services D. payment for labor services and for ownership of other factors of production
An entrepreneur is a person who does all of the following except
A. always makes a profit. B. organizes and manages a firm. C. assumes the risk of a firm. D. turns a new idea or product into a business.