Jake has already bought his hockey gear for the season, but when he is in the sports store, he falls in love with a different hockey stick and buys it even though it means he can't go out to dinner later with his friends which he would have preferred
. This example illustrates the ________ aspect of behavioral economics. A) bounded rationality
B) bounded self-interest
C) empowerment effect
D) bounded will-power
D
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According to the Bureau of Labor Statistics, to be officially unemployed a person must
A. be in the labor force. B. be waiting to be called back from a layoff. C. have lost a job. D. be 21 years of age or older.
Suppose the average productivity of workers in Country A is equal to that of workers in Country B. If Country A has higher total efficiency units of labor than Country B, it implies that ________
A) Country B has a larger supply of workers B) Country A has a larger supply of workers C) Country B has a larger stock of capital D) Country A has a larger stock of capital
Governments sometime create an excess supply of a product by setting a minimum price that is greater than the equilibrium price, resulting in a permanent excess supply of the product. This is known as a price ceiling.
Answer the following statement true (T) or false (F)
In an imperfectly competitive output market, the firm is faced with a(n) ________ MPP curve and a(n) ________ MR curve.
A. upward sloping; downward sloping B. downward sloping; horizontal C. downward sloping; downward sloping D. downward sloping; upward sloping