Behavioral economic policy examines:
A. people's unpredictable irrational behavior.
B. the level of mathematics required to make sound judgments.
C. people's rational behavior.
D. people's predictable irrational behavior.
Answer: D
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Firms choose the highest indifference curve they can obtain given the lowest possible budget line
a. True b. False Indicate whether the statement is true or false
Suppose a country has government expenditures of $3,500, taxes of $2,200, consumption of $9,000, exports of $2,500, imports of $2,700, transfer payments of $750, capital depreciation of $800, and investment of $3,000 . GDP equals
a. $24,450. b. $11,550. c. $15,300. d. $20,700.
An industry with a Herfindahl-Hirschman index of 1,000 would have ____ firm(s).
A. 1 B. 10 C. 100 D. 1,000
Refer to the above diagram, in which S1 and D1 represent the original supply and demand curves and S2 and D2 the new curves. In this market the indicated shift in demand may have been caused by:
A. an increase in incomes if the product is a normal good. B. an increase in incomes if the product is an inferior good. C. a decline in the number of buyers in the market. D. a decline in the price of a substitute good.