________ is the tendency to experience losses as more painful than the pleasures that result from gains of the same magnitude:
A. Loss aversion
B. The availability heuristic
C. The present-aim standard of rationality
D. Fungibility
Answer: A
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According to this Application, real GDP only grew by ________ percent from the end of the recession in 2009 through 2014
A) 2.0 B) 5.4 C) 10.8 D) 15.0
Refer to the Article Summary. The article discusses wealth inequality, and for some people this means a more equitable distribution of wealth is needed in the economy
Would an equitable distribution of wealth necessarily be the most efficient distribution of wealth? A) No, it is impossible to have an economically efficient distribution which is also an equitable distribution. B) Yes, equitable and efficient are two different words which have the same definition. C) Yes, in order for the distribution to be equitable, it must also be efficient. D) No, an economically efficient distribution of wealth would not necessarily be equitable.
The used car market is:
A. subject to the problem of adverse selection. B. an example of what happens when there is an imbalance of information present in a market. C. used to describe the "lemons" problem. D. All of these statements are true.
The harmful effect of a price ceiling to ________ is ________.
A. producers; the selling price of the product is above the equilibrium price B. consumers; the ceiling creates a shortage of the product C. producers; the ceiling creates a surplus of the product D. consumers; the selling price of the product is above the equilibrium price