People's preferences about the present are ________ with their preferences about the future, simply because the future choices are ________.
A. inconsistent; more distant
B. consistent; easier to predict
C. consistent; more distant
D. inconsistent; harder to predict
Answer: A
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Prices are sticky as a result of
A. market competition. B. rational inattention. C. rational expectations. D. frequent information updates.
Perfectly competitive firms are sometimes called price makers because they have significant control over product price
a. True b. False
Which of the following is the primary cause of inflation?
a. an increase in the quantity of money b. an increase in government spending c. an increase in unemployment d. an increase in productivity
Related to the Economics in Practice on page 26: How did the introduction of the microwave oven in 1960 affect the market for frozen food?
A. It increased the financial cost of alternative methods of food preparation, such as conventional ovens. B. It encouraged people to leave the work force by making cooking easier and less time-consuming. C. It reduced the opportunity cost of eating frozen food by decreasing the amount of time required to prepare frozen meals. D. It made frozen foods more appealing by increasing the variety of meals that could be frozen and reheated.