The idea of time inconsistency explains procrastination by:
A. recognizing that we have several modes of decision making, and the less time we have to react, the worse the decision is.
B. recognizing that we never take long-term benefits into account.
C. recognizing that our ability to remember long-term benefits when making decisions diminishes the closer the action becomes.
D. recognizing that we have two modes of decision making, a "future-oriented" and a "present-oriented" self, who have conflicting objectives.
Answer: D
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As the nominal interest rate increases, the opportunity cost of holding money ________ and the quantity of money demanded ________
A) decreases; decreases B) increases; increases C) decreases; increases D) increases; decreases E) increases; does not change because people need money
Based on the figure above, which of the following factors could lead the supply curve to shift leftward from S0 to S1?
A) a rise in the U.S. exchange rate B) a fall in the U.S. interest rate C) a fall in the U.S. exchange rate D) a fall in foreign interest rates E) a rise in expected future U.S. exchange rate The figure above shows the market for foreign exchange in 2001 and 2009.
Low wages and poor working conditions in many U.S. trade partners
A) prove that the gains-from-trade arguments of the Ricardian model are false. B) may be a fact of life, but economists don't care. C) are facts emphasized by U.S. labor in its contract negotiations. D) prove that the gains-from-trade arguments of the Ricardian model are true. E) prove that international trade is exploitative.
A college student decides to spend the afternoon watching three movies rented from Red Box. The cost of each movie is $1. The student was willing to pay $4 to rent each of the first two movies and $2 to rent the third movie. What was the marginal benefit received by the student when renting the 1st movie?
A. $1 B. $8 C. $4 D. $2