With respect to present bias in the case of saving for retirement, the cost ________ and the benefit ________.
A. occurs in the past; occurs in the present
B. occurs in the present; occurs in the future
C. occurs in the present and in the future; does not occur
D. occurs in the future; occurs in the present
Answer: B
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Real GDP is $9 trillion in the current year and $8.6 trillion in the previous year. The economic growth rate between these years has been
A) 5.67 percent. B) 4.65 percent. C) 10.31 percent. D) 7.67 percent. E) $0.4 trillion.
Typically, the ________ in a country, the higher the level of spending per person on health care
A) higher the level of income per person B) higher the level of income taxes C) larger the population D) lower the median age of the population
Refer to Figure 2-8. The linear production possibilities frontier in the figure indicates that
A) Vidalia has a comparative disadvantage in the production of roses. B) it is progressively more expensive to produce orchids. C) Vidalia has a comparative advantage in the production of orchids. D) the tradeoff between roses and orchids is constant.
Behavioral economics deals with
A) the assumption that people are always selfish. B) bounded rationality. C) unbounded willpower. D) only theories without justification from empirical evidence.