The implicit cost of ownership:
A. leads people to value things more once they possess them.
B. is a nonmonetary opportunity cost that is often overlooked.
C. is a cognitive bias if it goes ignored.
D. All of these are true.
Answer: D
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Figure 4.5 illustrates a set of supply and demand curves for hamburgers. An increase in supply and an increase in quantity demanded are represented by a movement from
A) point a to point b. B) point a to point c. C) point c to point d. D) point d to point b.
A pure monopoly exists when:
A. only a single firm is present in the market. B. a single firm produces a good with many close substitutes. C. many firms produce a good with no close substitutes. D. a single firm produces a good with no close substitutes.
In order to get children to eat all the food they've served, regardless of their hunger, mothers have relied for decades on the argument that "there are starving children in Africa." Assuming the presence of hungry children on another continent does not affect the utility you derive from the food on your plate, if you choose to force down food based on this argument, you are:
A. acting irrationally. B. acting rationally. C. caring more about starving children than your own well-being. D. doing your part in the fight against world hunger.
Based on recent estimates, in what year is the Social Security trust fund expected to be exhausted?
A. 2033. B. It was exhausted in 2009. C. 2040. D. 2086.