U.S. imports are goods that are
a. produced in other countries
b. consumed in other countries
c. sold in other countries
d. produced in the U.S.
e. exported from the U.S.
A
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The key variable in determining changes in a country's standard of living is the:
A. inflation rate. B. interest rate. C. long-run rate of economic growth. D. unemployment rate.
Tim is working on a school report on the proposed merger between American Airlines and U.S. Airways
He finds that U.S. Airways' annual revenue for 2012 rose by 3.7 percent over the previous year, while the revenue for American Airlines recorded an increase of almost 6 percent. Based on this, he concludes that, in 2012, passenger traffic must have increased more for American Airlines than for U.S. Airways. Is Tim's conclusion correct? Explain your answer.
Paul wins a $500 watch in a sweepstakes and decides to keep it, even though he says he would have preferred to win $500 cash. Knowing Paul's preferences, how can we explain his decision to keep it?
A. Paul has a cognitive bias; he is ignoring a nonmonetary opportunity cost of already owning the watch. B. Paul has a cognitive bias, and it leads him to value the watch more because he owns it. C. Paul's implicit cost of ownership makes him feel as though he should keep the watch. D. All of these are true.
An approach to economics that applies statistical techniques and data to economic problems is called
A. laissez-faire economics. B. empirical economics. C. normative economics. D. Ockham's razor.