Disclosing information in more usable ways to decision-makers:
A. can nudge people toward making better decisions.
B. can decrease the occurrence of rational ignorance in decision-making.
C. has been useful to organizations like the EPA in getting desired outcomes, like people deciding to buy more gas-efficient cars.
D. All of these statements are true.
Answer: D
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If a firm is earning a positive economic profit, it means that it:
A. is using its resources in the most profitable way. B. should invest its resources in other business opportunities. C. has an opportunity cost that is larger than what the firm is currently earning. D. operating in the long run in a perfectly competitive market.
Which of the following is true about games in which people have different information?
A. The behavior of the participants in the game reveals little to no information. B. Participants in these games can sometimes have an incentive to mislead others through their behavior. C. Participants in these games always act in a way contrary to his immediate interests. D. These games never have a Nash equilibrium.
When external costs are present in a market,
a. less of the good will be produced than the amount consistent with economic efficiency. b. more of the good will be produced than the amount consistent with economic efficiency. c. the amount of the good produced will be equal to the amount consistent with economic efficiency. d. corresponding external benefits are always generated.
?A short-run aggregate supply curve (SRAS) assumes:
A. ?the CPI is fixed. B. ?each point on the SRAS is potential real GDP. C. fixed or sticky nominal wages. D. ?nominal wages vary directly with price changes.