____________ is the process of making a choice between two or more alternatives
a. Bargaining
b. Trading
c. Decision making
d. Goal setting
C
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Rational ignorance
A) refers to attempts by special interests to use government action to make themselves better off at the expense of others. B) explains the Arrow impossibility theorem. C) helps to explain why rent seeking by special interest groups occurs. D) explains why consumers ignore sunk costs when they vote.
All else equal, if individuals save less because inflation lowers returns on savings, this should ________ the supply of loanable funds and ________ the capital stock
A) increase; raise B) increase; reduce C) decrease; raise D) decrease; reduce
The percentage of families with incomes below the poverty line
a. is defined as the 10 percent of U.S.households with the lowest incomes. b. is known as the poverty rate. c. is known as the unemployment rate. d. rises as the general income level rises.
Suppose most people regard emeralds, rubies, and sapphires as close substitutes for diamonds. Then DeBeers, a large diamond company, has
a. less incentive to advertise than it would otherwise have. b. less market power than it would otherwise have. c. more control over the price of diamonds than it would otherwise have. d. higher profits than it would otherwise have.