According to behavioral economists, someone suffering from myopia is most likely to:
A. spend too little on present consumption and save more than is necessary for the future.
B. vote only for economic policies that serve his or her short- and long-term interests.
C. rely too much on System 2 of the brain.
D. spend too much on present consumption and not save enough for the future.
Answer: D
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In 1917, Congress imposed a serious restriction on immigration when it passed ________________ over President Wilson's veto
a. a quota system b. a minimum wealth standard c. a literacy test d. a ban on Chinese immigration
According to the Coase Theorem, private solutions to externalities can lead to the socially efficient outcome when: i. transaction costs are negligible ii. property rights are clearly defined iii. the number of parties involved is small
a. (i), (ii), and (iii) b. (i) and (ii) only c. (iii) only d. (ii) and (iii) only
A fishing boat owner sells her entire catch of 8,000 fish and maximizes profit that is equal to $4,000 . Suppose fish prices increase and you are asked to calculate her profit knowing that she now sells 10,000 fish. If fish prices increased by $1 per fish, what do you need to know to calculate her new profit level?
a. average fixed cost b. average variable cost c. change in average total cost d. marginal cost e. average total cost
Suppose that net exports are -$300 billion and exports are $500 billion. Imports must be equal to
A) $800 billion. B) $400 billion. C) $200 billion. D) -$200 billion. E) There is not enough information to answer this question.