Economists use basic psychological insights in the field of study called
a. psychological economics.
b. transitional economics.
c. behavioral economics.
d. social economics.
c
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Which of the following statements is true?
A) All else equal, the incentive to look for a job is lower for an individual with a lower opportunity cost of time. B) All else equal, a worker who earned a higher income earlier but is now unemployed will have a lower opportunity cost of time than someone who had a lower income but is now unemployed. C) All else equal, a worker who earned a higher income earlier but is now unemployed will have the same opportunity cost of time than someone who had a lower income but is now unemployed. D) All else equal, the incentive to look for a job is higher for an individual with a lower opportunity cost of time.
Selling the same product under different brand names allows a firm to price discriminate as long as
A) customers know the products are identical. B) customers do not know the products are identical. C) the products really are not the same. D) the firm lets customers know that the products are identical.
The best way to interpret polynomial regressions is to
A) take a derivative of Y with respect to the relevant X. B) plot the estimated regression function and to calculate the estimated effect on Y associated with a change in X for one or more values of X. C) look at the t-statistics for the relevant coefficients. D) analyze the standard error of estimated effect.
A checkable and debitable banking account is
A) a liability to a commercial bank. B) an asset to a commercial bank. C) a liability to the household or firm that has the account. D) an asset for the Federal Reserve System.