An individual who wants to stop smoking but chooses not to
A) reflects future bias.
B) reflects present bias.
C) reflects irrationality.
D) reflects uncontrollable addiction.
B
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The above table shows Homer's total utility from boxes of doughnuts. As Homer's consumption of doughnuts increases
A) both his total utility and his marginal utility increase. B) his total utility increases, but his marginal utility decreases. C) his total utility decreases, but his marginal utility increases. D) both his total utility and his marginal utility decrease.
A competitive price-taker firm's marginal cost curve is regarded as its supply curve because
a. the position of the marginal cost curve determines the price for which the firm should sell its product. b. among the various cost curves, the marginal cost curve is the only one that slopes upward. c. the marginal cost curve determines the quantity of output the firm is willing to supply at alternative prices. d. the firm is aware that marginal revenue must exceed marginal cost in order for profit to be maximized.
If the money stock grows by 13 percent, and during that same time nominal GDP grows by 3.3 percent, what can we deduce happens to velocity during this period?
A. It remained constant. B. It rose. C. It fell. D. We cannot tell without knowing what happened to prices.
Which of the following statements is true?
A. Most horizontal mergers are blocked by the government. B. Most U.S. industries are monopolies. C. The market structure of an industry frequently changes over time. D. Most U.S. industries are perfectly competitive.