One concept that behavioral economists use to account for procrastination is:
A. the fungibility of money.
B. thinking inconsistently about prices.
C. framing bias.
D. the time inconsistency of our decision-making.
Answer: D
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Refer to Sales Tax. Prior to the sales tax, which of the following was false?
a. Consumer surplus was A+B+C+D+E. b. Producer surplus was F+G+H+I+J. c. Government tax revenue was zero. d. Dead-weight loss was zero.
Assume that average labor productivity is the same in each country. Based on the information in the table, which country has the smallest real GDP per capita?CountryPopulation (millions)Share of Population Employed (%)A10060B15055C7550D25045E9540
A. Country B B. Country D C. Country A D. Country E
Excluding household and underground production leads to
A) underestimation of real GDP but not nominal GDP. B) overestimation of real GDP but not nominal GDP. C) overestimation of both real GDP and nominal GDP. D) underestimation of both real GDP and nominal GDP. E) underestimation of real GDP an overestimation of nominal GDP.
To solve their basic long-term economic problems, developing countries primarily need
a. food. b. clothing. c. technical assistance. d. shelter.