Which of the following does not illustrate the use of heuristics?
A. Baseball players locking their eyes on the ball in order to have a good chance of catching it
B. Scientists using the laws of physics and mathematics to predict where billiard balls will roll
C. Companies spending a lot on advertising in order to make their brands better-known
D. Staying upright on a bicycle by steering in the direction of a fall when one begins to happen
B. Scientists using the laws of physics and mathematics to predict where billiard balls will roll
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Refer to the following graphs to answer the question below.
In which graph would the indicated shifts cause equilibrium quantity to definitely rise, but the effect on price is indeterminate?
A. graph (1) B. graph (2) C. graph (3) D. graph (4)
Which of the following statements is false?
a. In a competitive market, the price mechanism encourages conservation of a depletable resource. b. As the price of a depletable resource rises, its known reserves often increase. c. Prices of depletable resources have risen in the twentieth century primarily because resource producers have exercised monopoly or oligopoly power. d. Shortages of depletable resources occur primarily when governments or others interfere with the price mechanism.
Suppose that a country has $120 billion of national saving, and $80 billion of domestic investment. Is this possible? Where did the other $40 billion of national savings go?
Refer to the accompanying figure. Suppose the solid line represents the current supply of Star Wars action figures. If the price of the plastic used to make action figures rises, current supply will:
A. shift to S(A). B. not change because a change in the price of plastic will not affect the demand for action figures. C. shift to S(B). D. not change; only the quantity supplied will change.