Government gets its takings power from
A) the International Court of Justice.
B) the Ten Commandments.
C) the U.S. Constitution.
D) the Declaration of Independence.
C
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If Sean thinks that the choice between going to Olive Garden or Red Lobster is simply too confusing, a behavioral economist will explain that Sean is showing ________
A) the endowment effect B) bounded rationality C) bounded self-interest D) bounded will power
Scarcity affects
A) only rich people. B) only poor people. C) only middle income people. D) all people.
Growing rice requires extensive irrigation in California. Economists consider water to be a ________ for rice farmers in California.
A. need B. inferior good C. luxury D. want
Technological change:
A. does not reduce average total cost but does change production techniques. B. reduces average total cost by expanding plant size. C. reduces average total cost by changing production techniques. D. reduces average total cost without changing production techniques.