A resource is defined to be:
A. something that people respond to.
B. anything that can be used to make something of value.
C. a good or service.
D. something of value.
B. anything that can be used to make something of value.
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The Federal Reserve Open Market Committee meets about ____ times a year
a. 8. b. 12. c. 4. d. 2. e. 24.
Suppose computer prices at an office supply store fall from $1,000 to $900 and as a result the quantity demanded of typewriters decreases from 40 to 20 per month. The cross-price elasticity of demand is closest to
A. 6.3. B. 5.0. C. 0.16. D. 0.2.
Alan Krueger conducted a survey of fans at the 2001 Super Bowl who purchased tickets to the game for $325 or $400. Krueger found that (a) 94 percent of those surveyed would not have paid $3,000 for their tickets, and (b) 92 percent of those surveyed
would not have sold their tickets for $3,000. These results are evidence of A) the high value fans place on watching the Super Bowl in person, rather than on television. B) the failure of consumers to take into account nonmonetary opportunity costs. C) the failure of consumers to ignore sunk costs. D) consumers being overly optimistic about their future behavior.
Behavioral economists have found that one major explanation for the inter-country differences in participation rates in organ-donation programs is the:
A. Anchoring effect B. Mental accounting effect C. Status quo bias D. Confirmation bias