Economics is as much art as it is science
a. True
b. False
A
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Some economists argue that free trade is beneficial regardless of the actions of a country's trading partners, including trading partners that heavily protect their home markets
Indicate whether the statement is true or false
A state lottery has a Million Dollar Lottery game that pays $1,000 a week for life. Assuming a 6% nominal rate of interest and generously assuming an infinite lifetime, can this game be called a "Million Dollar Lottery"?
What will be an ideal response?
What is the best test of an economic theory?
a. the accuracy of the assumptions behind the theory b. the ability of the theory to predict real-world events c. the implications of the theory for current public policy d. how much mathematical detail is behind the theory
________ is the general resistance to change, often stemming from loss aversion.
A. Anchoring and adjustment B. Regression to the mean C. Status quo bias D. The present aim standard of rationality