The persistence of some "urban legends" and some myths is a reflection of the:
A. Framing effect
B. Confirmation bias
C. Hindsight bias
D. Availability heuristic
B. Confirmation bias
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The market demand is the ________ of the individual demand of all the potential buyers
A) square of the sum B) sum C) product D) square root of the sum
Real GDP is $13 trillion and aggregate planned expenditure is $14 trillion. As a result, unplanned inventory change is ________ and real GDP ________
A) negative; decreases B) positive; increases C) negative; increases D) positive; decreases E) negative; does not change
Goods X and Y are substitutes. If the price of good Y falls, the marginal revenue product of good X
A) will not change. B) will shift out. C) will become more inelastic. D) will shift in.
If an increase in the government-imposed minimum wage pushes the price (wage) of unskilled labor above market equilibrium, which of the following will most likely occur in the unskilled labor market?
a. An increase in quantity of unskilled labor demanded. b. A decrease in the quantity of unskilled labor supplied. c. A shortage of unskilled labor. d. A surplus of unskilled labor (unemployment).