When students end up doing "all-nighters" just to finish a term paper, it illustrates the:
A. Planning fallacy
B. Framing effect
C. Hindsight bias
D. Availability heuristic
A. Planning fallacy
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The Massachusetts Turnpike is a state toll-road where cars and trucks pay a fee in proportion to the distance they travel and the weight of the vehicle. The road was built with federal funds in the 1960s, but the state must pay for maintenance. Given what you know about regulation, what do you think the toll charge for a particular car or truck represents?
a. the average variable cost of maintenance b. the marginal cost of maintenance c. the monopoly price d. price discrimination against bus passengers e. a lump-sum tax
If the price ceiling is set above the equilibrium price,
A. there will be a surplus. B. there will be a shortage. C. quantity demanded will equal quantity supplied. D. demand will be less than supply.
Which of the following is a supply factor in the health care market?
A. Defensive medicine. B. The aging of the population. C. Slow productivity growth in the health care industry. D. Asymmetric information.
Unanticipated inflation:
A. reduces the real burden of the public debt to the federal government. B. hurts borrowers and helps lenders. C. hurts people whose sole source of income is from Social Security benefits. D. helps savers.