Which of the following is an example of a Giffen good?
a. potatoes during the Irish potato famine
b. rice in the Chinese province of Hunan
c. fish in Japan
d. Both a and b are correct.
d
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The benefit that Jack receives from consuming a pack of french fries is 10 utils. He expects a future health cost of eating french fries at 20 utils
If Jack discounts delayed utils with a weight of 1/4, should he consume french fries? Explain your answer.
Suppose the inflation rate has been 6 percent over the past four years. If the Federal Reserve announces an increase in the growth of the money supply, adaptive expectations would predict an inflation rate of 6 percent
a. True b. False Indicate whether the statement is true or false
Which of the following attempts to go beyond the basic assumptions of the traditional economic model and augment it with findings from psychology to gain a greater understanding of complex consumer behavior?
a. behavioral economists b. public choice economists c. economic sociologists d. economic psychologists
An individual who wants to stop smoking but chooses not to
A) reflects future bias. B) reflects present bias. C) reflects irrationality. D) reflects uncontrollable addiction.