The tendency of hard-core Republicans to believe that all of the economic developments under the Obama presidency have been detrimental to the nation illustrates the:
A. Confirmation bias
B. Framing effect
C. Overconfidence effect
D. Availability heuristic
A. Confirmation bias
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Macroeconomics is the study of
a. the behavior of large firms in the marketplace b. the economic behavior of individual decision makers c. the behavior of the economy as a whole d. how to use the fewest natural resources to produce goods and services e. government's role as a stabilizing influence on the economy
Refer to A Negative Externality Problem. Absent any intervention, the competitive market will produce
Demand for a good is given by Q = 100 - P. The private marginal cost of production is MCP = 10 + Q. There is a $10 per unit negative production externality in this situation. a. 40 units. b. 45 units. c. 55 units. d. 60 units
The return to schooling for society is higher than the return to schooling for the individual if
a. the concept of diminishing returns applies to education. b. the concept of constant returns to scale applies to education. c. human capital conveys positive externalities. d. investment in human capital involves no opportunity costs.
Empirical evidence across numerous countries indicates that changes in the ________ are associated with nearly equiproportional changes in ________
A) money supply, real GDP per year B) money supply, price level C) price level, money supply D) real GDP per year, income velocity of money