Psychological research shows that choices that involve ___________ are likely to turn out worse than those involving __________.
A. complicated information; simple information
B. simple information; complicated information
C. low payoffs; high payoffs
D. high payoffs; low payoffs
A. complicated information; simple information
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Taxes, tradable pollution permits, and direct regulation of pollution are all market approaches to dealing with pollution.
Answer the following statement true (T) or false (F)
Suppose Jack purchases four rolls of brown paper for which he receives 100 units of total utility and two quarts of vinegar for which he receives 50 units of total utility. Assuming Jack maximizes utility, if the price of brown paper is $2 a roll, the cost of two quarts of vinegar must be:
A. $1 a quart. B. $0.50 a quart. C. $2 a quart. D. It is impossible to tell.
Assume that you are in charge of an agrarian colony of an European nation. What are the different extractive policies which can be adopted to maximize the wealth of the home nation?
What will be an ideal response?