A. tendency for policies with high short-run benefits to have high long-run costs. B. fallacy that what is true for the short run must be true for the long run. C. tendency to regularly misjudge in the present what you will do in the future. D.
tendency to misjudge how long it will take to accomplish a future task.
A. Time inconsistency.
B. Availability heuristic.
C. Self-serving bias.
D. System 2 processes dominating decision making.
Answer: A
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The growth rate of real GDP in the United States rises from 4.2% to 4.4%. Explain and calculate how this increase in the growth rate of real GDP affects the number of years it will take for real GDP to double
What will be an ideal response?
Answer the following statements true (T) or false (F)
1. As more firms enter a monopolistic competitive industry, average revenue will fall for existing firms. 2. In an oligopoly, the pricing policy of each firm is independent of that of other firms. 3. A kinked demand curve results when one firm’s price changes are followed downward but not upward by competing firms. 4. In the long run, economic profits tend to be eliminated under conditions of monopolistic competition. 5. Predatory pricing involves charging different customers different prices for the same good.
Do policy makers know the level of unemployment that is associated with "full employment"?
a. Yes, economists have the precise level of unemployment that is full employment. b. Yes, although there is a small range of uncertainty in this measure. c. No, economists have no idea what this level of unemployment is. d. No, this number is not known with complete accuracy.
The United States placed a limit on the amount of cars that can be imported into the United States. This is an example of
A. a tariff. B. a quota. C. an export subsidy. D. dumping.