Dan was certain that his upcoming economics test would be so easy that he could wait to study until the night before and still do well on the exam. When he cracked open his book and notes the night before the exam, he realized he should've started
studying earlier. According to behavioral economics, Dan's error was caused primarily by:
A. a planning fallacy.
B. an overconfidence effect.
C. framing effects.
D. hindsight bias.
Answer: A
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An example of the "equity vs. simplicity" tradeoff is the tax treatment of
A. capital gains. B. spouses. C. earned income. D. children.
Refer to the table below. Pat's opportunity cost of making a pizza is delivering: Pizzas MadePer HourPizzasDeliveredPer HourCorey126Pat1015
A. 2 pizzas B. 2/3 of a pizza C. 3 pizzas D. 3/2 of a pizza
U.S. GDP includes the market value of rental housing, but not the market value of owner-occupied housing services
a. True b. False Indicate whether the statement is true or false
The members of the Federal Reserve's Board of Governors
a. are appointed by the president of the U.S. and confirmed by the U.S. Senate. b. serve six-year terms. c. are also the presidents of the regional Federal Reserve banks. d. share power equally, with no governor having any more influence or power than any other governor.