Choice architecture is the:
A. the internal mental framework people use in order to make all their decisions.
B. choices that force utility-maximizing decisions for individuals.
C. political framework under which policy is made.
D. organization of the context and process in which people make decisions.
Answer: D
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When a country imports a good, the ________ in consumer surplus is ________ the ________ in producer surplus
A) decrease; larger than; increase B) decrease; smaller than; increase C) increase; smaller than; decrease D) increase; equal to; decrease E) increase; larger than; decrease
Which organization is committed to lowering trade barriers?
a. the United Nations b. the World Bank c. the World Trade Organization d. the International Monetary Fund
Which of the following best explains how income inequality is calculated?
a. Measure the gap between middle income families and the near-poor b. Compare those with middle incomes to those with low incomes c. Compare those with high incomes, middle incomes, and low incomes d. Estimate the income of those just above and just below the poverty line
In the quantity theory of money:
A. the price level is a function of the supply of money. B. the supply of money is a function of the price level. C. the money supply and the price level are inversely related. D. the money supply is controlled by the government.