The idea of bounded rationality is used to address all of the following characteristics EXCEPT
A) unbounded selfishness.
B) unbounded knowledge.
C) unbounded willpower.
D) unbounded rationality.
A
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What reasons can you suggest for arguing that the federal government, unlike individuals, need never run a surplus budget?
Since 1950, the standard of living in the United States has:
A. decreased when measured by both total output and output per person. B. increased when measured by both total output and output per person. C. increased when measured by output per person, but decreased when measured by total output. D. decreased when measured by output per person, but increased when measured by total output.
The statement that "what this nation needs to promote economic growth is a major tax cut" is an example of:
a. Descriptive economics b. A normative economic statement c. An economic theory d. A positive economic statement
If MP a /P a = MP b /P b and MRP a /P a = MRP b /P b > 1, this firm is:
A. producing its output with the least costly combination of resources but is not producing the profit-maximizing output. B. maximizing profits but failing to minimize costs. C. neither maximizing profits nor minimizing costs. D. combining resources a and b so as to minimize costs and maximize profits.