People interpret evidence to confirm beliefs they already hold. This statement is an example of which of the following systematic mistakes that people make?
a. people are overconfident
b. people give too much weight to a small number of vivid observations
c. people are reluctant to change their minds
d. All of the above are correct.
c
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Which of the following is an example of regulating quality standards?
a. Advertising bans. b. Blue laws. c. The minimum wage. d. Professional licensing requirements.
The above figure shows the U.S. market for wheat. With international trade, consumer surplus is equal to ________
A) area A + area B + area C B) area E + area F C) area B + area C + area D D) area A + area B + area C + area D E) area A
In comparing the Cournot equilibrium with the competitive equilibrium,
A) both profit and output level are higher in Cournot. B) both profit and output level are higher in the competitive equilibrium. C) profit is higher, and output level is lower in the competitive equilibrium. D) profit is higher, and output level is lower in Cournot.
Using the growth accounting equation, if the growth rate of technology is 3%, the growth of labor is 2% and the growth of capital is 1% then if ?=0.25 then growth of output can be estimated to be:
A. 4.25%. B. 4.00%. C. 6.00%. D. 4.75%.