The fact that airlines offer off-peak airline discounts rather than peak-time surcharges is an example of:
A. framing effects.
B. non-zero sum game.
C. the endowment effect.
D. irrational behavior.
Answer: A
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If a number equal to the mean of a series of observations is added to the series, the new mean is:
A) smaller than the original mean. B) greater than the original mean. C) same as the original mean. D) either greater or smaller than the original mean depending on the number of observations in the series.
The components of aggregate expenditure that are not influenced by GDP are known as
A) fixed expenditure. B) induced expenditure. C) planned expenditure. D) unplanned expenditure. E) autonomous expenditure.
The purpose of the "draft" developed by owners' associations in many professional sports is to
A) assure all players at least a minimum salary. B) control competition among owners for the services of players. C) control competition among players. D) control competition between players and owners. E) keep all teams at roughly equal competitive levels.
Which of the following does a monopoly control, that a perfectly competitive firm does not control?
a. how much to produce b. technology c. what price to charge d. what inputs to use e. plant size