The ________ assumes that people choose efficient means to achieve their ends, but it regards goals as objects of choice that are subject to a similar efficiency requirement.
A. Weber-Fechner law
B. present aim standard of rationality
C. standard rational choice model
D. adaptive rationality standard
Answer: D
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Agnes can produce either 1 unit of X or 1 unit of Y in an hour, while Brenda can produce either 2 units of X or 4 units of Y in an hour. There can be gains from exchange
A) if Agnes specializes in the production of X and Brenda specializes in the production of Y. B) if Agnes specializes in the production of Y and Brenda specializes in the production of X. C) only if Agnes becomes faster at producing X. D) only if Brenda becomes faster at producing X or Y.
The game in the figure shown is a version of:
A. the prisoner's dilemma.
B. the first-mover advantage.
C. a sequential game.
D. a repeated game.
Some products of the knowledge economy
A) have an initial marginal cost that is very low and then rises. B) have no marginal costs. C) have an initial marginal cost that is very high and then falls to zero. D) none of these choices.
Modern macroeconomics
A. does not do well explaining the reasons for growth B. focuses on theories of firm entry and exit from the market C. has eliminated poverty D. can be defined as the study of money