The decision-making strategy that aims for adequate results because optimal results may necessitate excessive expenditure of resources is known as:
A. loss aversion.
B. the adaptive rationality standard.
C. satisficing.
D. the present-aim standard of rationality.
Answer: C
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If people have identical tastes, then the economic rent created by a common property is
a. zero. b. as large as possible. c. positive, but not as large as possible. d. negative.
Aggregate supply:
A. has a curve explained by rising costs. B. is generally a upward-sloping curve. C. shows the relationship between the price level and the quantity of total output demanded, ceteris paribus. D. All of the above are true
In April, market analysts predict that the price of titanium will fall in May. What happens in the titanium market in April, holding everything else constant?
A) The supply curve shifts to the right. B) The supply curve shifts to the left. C) The quantity demanded and the quantity supplied increase. D) The demand curve shifts to the right.
Assuming all else equal, the credit supply curve shows the relationship between the quantity of credit supplied and the:
A) real wage rate. B) real interest rate. C) income tax rate. D) inflation rate.