According to the representative heuristic, people will tend to think that Karen is a vegetarian if:
A. they have just read a book about vegetarians.
B. Karen has many of the characteristics of a stereotypical vegetarian.
C. if the fraction of vegetarians in the population is increasing.
D. they themselves are vegetarians.
Answer: B
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If actual output increases are believed to be temporary, then
A) net investment will fall. B) net investment will increase. C) net investment will not change. D) the effect on net investment is unknown.
What is the short-run break-even price? What are economic profits at this price? Why would a firm be willing to operate permanently at this price?
What will be an ideal response?
Direct controls have a clear advantage when a total ban is necessary.
Answer the following statement true (T) or false (F)
Suppose an economist is analyzing the impact of a debt and its ability to be paid. That economist will focus on
A. both the ratio of the debt to GDP and the interest payments as a percentage of GDP. B. strictly the debt. C. strictly the ratio of the debt to GDP. D. strictly the inflation-adjusted amount of debt.