Legislation to protect red-cockaded woodpeckers by making their trees off limits to loggers created incentives that resulted in the premature harvesting of trees the woodpeckers like to nest in. This is an example of which of the following?
a. Association or correlation is not causation.
b. the fallacy of composition.
c. the use of ceteris paribus conditions in economic analysis.
d. Good intentions do not always lead to desirable outcomes; the problem of secondary effects.
d. Good intentions do not always lead to desirable outcomes; the problem of secondary effects.
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According to the best evidence, immigration in the U.S.:
A. Raises the wages of low-skilled native-born workers and decreases the salaries of highly-skilled native born workers B. Increases the wages of both low-skilled native-born workers and highly-skilled native born workers C. Reduces the wages of low-skilled native-born workers and increases the salaries of highly-skilled native born workers D. Reduces the wages of low-skilled native-born workers and may decrease the salaries of highly-skilled native born workers
The proposition of monetary neutrality states that changes in the money supply have:
A) no impact on output in the short run B) no impact on output in the long run C) no impact on the price level in the short run D) no impact on the price level in the long run
Suppose the production function for a certain device is q = L + K. If a labor-saving technical change has occurred, which of the following could be the new production function?
A) q = L + 5K B) q = 5 ? (L + K) C) q = 5L + K D) All of the above are possible.
In experimental tests of the ultimatum game:
a. the proposer often offers an even split of the "pie", and responders often reject smaller offers, consistent with the predictions of game theory. b. the proposer often offers an even split of the "pie", and responders often reject smaller offers, in contrast to the predictions of game theory. c. the proposer often offers an unfair split, taking the lion's share of the "pie" for him or herself, and responders often accept such offers, consistent with the predictions of game theory. d. the proposer often offers an unfair split, taking the lion's share of the "pie" for him or herself, and responders often accept such offers, in contrast to the predictions of game theory.