In economic analysis, people's resources are
A) limited and their wants are unlimited.
B) unlimited and their wants are also unlimited.
C) limited and their wants are also limited.
D) unlimited and their wants are limited.
Answer: A
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According to behavioral economics:
A. gains are felt more intensely than losses. B. each successive unit of loss is equal in its marginal disutility. C. each successive unit of loss hurts, but less than the previous unit. D. each successive unit of loss hurts, and more than the previous unit.
A credible promise is:
A. in the promiser's interest to keep. B. possible to keep. C. legally enforceable. D. made by a honest person.
Refer to Scenario 7.1. For 100 cookies, the average total cost is
A) falling. B) rising. C) neither rising nor falling. D) less than average fixed cost.
The use of automated teller machines (ATMs) has caused some bank tellers to lose their jobs. This is an example of
A. cyclical unemployment. B. seasonal unemployment. C. frictional unemployment. D. structural unemployment.