The "anchoring" phenomenon observed by behavioral economists refers to the fact that people's estimates of the value of things are affected by:
A. Recently considered information
B. Their childhood memories
C. Irrelevant data always
D. Relevant information solely
A. Recently considered information
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The Federal Reserve System is an
A. agency run by popularly elected officials. B. agency that is under the direction of the president. C. agency that is controlled by Congress. D. independent agency of government.
John keeps beehives and sells 100 quarts of honey per month. The honey market is perfectly competitive, and the price of a quart of honey is $10. John has an average variable cost of $5 and an average fixed cost of $3
At 100 quarts per month, John's marginal cost is $10. a) Is John maximizing his profit? If not, what should John do? b) Calculate John's total revenue, total cost, and total economic profit or economic loss when he produces 100 quarts of honey.
Which of the following is true regarding tacit collusion?
A) It is a formal agreement. B) It is more likely to occur when the price elasticity of demand is small. C) It is more likely to occur when barriers to entry are low. D) It is illegal.
The overall federal tax structure is
a. regressive because the average tax rate of those with low incomes is higher than the rate imposed on those with higher incomes. b. progressive because the average tax rate of those with high incomes is greater than the rate imposed on those with lower incomes. c. flat because the average tax rate is approximately constant across all income brackets. d. progressive for income levels up to approximately $100,000 but regressive for income levels above this figure.