The organization of the context and process in which people make decisions is called:
A. choice architecture.
B. ways and means theory.
C. political structure.
D. choice structure.
Answer: A
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Which of the following strategies does your text suggest would allow a poorer nation to "catch up" to richer nations?
A) Unionization B) Higher minimum wages C) Lower interest rates D) Adoption of advanced technology E) Minimizing imports and maximizing exports
It is possible for the United States to compete against cheap foreign labor because expensive domestic workers
A) pay U.S. taxes. B) receive subsidies. C) are more productive. D) belong to unions.
Differentiate between rational expectation and adaptive expectation using suitable examples
In economics, the term marginal refers to:
A. the change or difference from a current situation. B. man-made resources as opposed to natural resources. C. the satisfaction a consumer receives from a good. D. holding everything else constant in the analysis.