Neuroeconomics suggests that the frontal lobe carries out most decision making and strategic thinking takes place in the prefrontal cortex
a. True
b. False
Indicate whether the statement is true or false
True
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To calculate real GDP, ________.
A. multiply the quantities and prices of final goods and services produced in an economy in a year by their prices in that year and then sum the values B. multiply the quantities of all goods and service produced in an economy in a year by their price in that year and then total the result C. sum the quantities of all final goods and services produced in an economy in a year D. multiply the quantities of final goods and services produced in an economy in a year by their prices in a base year and then sum the values
Economics is best defined as the social science that studies
A) how a person can get everything he or she wants. B) how choices made in the social interest must conflict with choices made in the self-interest. C) the way to eliminate choices in our decisions. D) the choices that societies, and the people and institutions that make up societies, make in dealing with the issue of scarcity. E) the reason money exists.
Strategic interdependence occurs in:
a. perfect competition. b. monopoly. c. monopolistic competition. d. oligopoly. e. monopsony.
Suppose the accompanying figure shows the demand curve, marginal revenue curve and marginal cost curve for a monopolist.
This monopolist maximizes its profit by producing ________ textbooks per week and charging a price of ________ per textbook.
A. 150; $40 B. 150; $20 C. 100; $40 D. 100; $80