According to the availability heuristic, we often estimate the frequency of an event by:
A. the ease with which we can recall relevant examples.
B. using available data from either the government or other organizations.
C. how much we enjoyed the event.
D. the degree to which the event resembles stereotypical members of a category.
Answer: A
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If the price of calculators increases by 15% and the quantity demanded per week falls by 45% as a result, then the price elasticity of demand is 3
a. True b. False Indicate whether the statement is true or false
If an increase in investment of $50 causes an increase in real GDP of $250, the value of the spending multiplier is:
A. 5. B. 0.20. C. 0.80. D. 10.
At the natural rate of unemployment, the long-run Phillips curve has a(n)
A. vertical slope. B. horizontal slope. C. upward slope. D. downward slope.
If the price of gasoline has increased from $3 per gallon to $4 per gallon at the same time that the overall price index increased from 200 to 300, then you know that the inflation adjusted price of gasoline has
A. decreased. B. remained constant. C. increased.