Behavioral economics incorporates culture and the studies of Multiple Choice sociology and economics. psychology and economics. mathematics and economics. finance and economics. None of these choices are correct.
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A: Trade refers to the buying, selling, and distribution of goods and services, with the consumer…
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Q: Q=10-0.67P. The supply function is Q=0.33P.
A: The demand function is Q=10-0.67P. The supply function is Q=0.33P
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A: Inflation rate refers to the rate at which prices for goods and service increase over time.…
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A:
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Q: what are the negative impact of culture on hindering economic development ?
A: There are numerous ways in which culture can avert economic development:
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Q: Which of the following changes in personal income tax would lead to the smallest increase in…
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Q: Whether true/False Monopoly can be created naturally.
A: A monopoly is a market structure in which a specific good or service has just one seller or…
Q: The owner of a movie theater company used multiple regression analysis to predict gross revenue…
A: Estimated Equation : ŷ = 83.7 + 2.23x1 + 1.60x2 Dependent Variable : Gross Revenue (y) Independent…
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A: The internal rate of return is the rate of interest that makes the present worth/annual worth or…
Last Word) Behavioral economics incorporates culture and the studies of
Multiple Choice
sociology and economics.
psychology and economics.
mathematics and economics.
finance and economics.
None of these choices are correct.
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- 8. Suppose that you have a big test on Monday and you plan to spend the weekend studying. On Saturday, your friend invites you to spend the day at a water park. It's the last weekend that the park will be open for the year. You'd really like to go to the park, but you're worried that you won't have enough time to study on Sunday. What are the possible tradeoffs of each choice-going to the water park or staying home to study?Given that Sandy can produce 10 economics reports or make 2 sales calls and Tim can produce 2 economics reports or make 1 sales call, we can conclude that, a) Tim should produce both economics reports and sales calls. b) Sandy should specialize in economics reports, and Tim should specialize in sales calls. c) Tim should specialize in producing economics reports, and Sandy should specialize in producing sales calls. d) Sandy should produce both economics reports and sales calls since she cannot possibly gain from trade with Tim9. Behavioral economics Indicate whether each of the following examples of behavior is consistent with the way the traditional economic framework suggests people should act, or if it is reserved for behavioral economists to examine. Example Some people would be willing to pay money to lower the incomes of others. Some people treat $60 they earn differently from $60 they win in a random drawing. Some people sacrifice disposable income to help their children pay for college. Some people would turn down a new, higher-paying job if it meant spending less time with their family. Consistent with the Predictions of Traditional Economic Models Reserved for Behavioral Economics
- 9) A new area of economics studies situations in which people appear to be making choices that do not appear to be economically rational. This area is called behavioral economics social economics new wave economics. irrational economicsYou have eaten two bowls of ice cream at Sundae School Ice Cream store. You consider eating a third. As a rational consumer you should make your choice by comparing Question 13 options: A) the benefits from eating all three bowls of ice cream to how much three bowls of ice cream costs. B) the benefits from eating all three bowls of ice cream to how much one more bowl of ice cream costs. C) the benefits from eating one more bowl of ice cream to how much three bowls of ice cream costs. D) the benefits from eating one more bowl of ice cream to how much one more bowl of ice cream coststo 2. Determining opportunity cost Juanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores carry the same skirt, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $114 for the skirt: Store Local Department Store Across Town Neighboring City Travel Time Each Way (Minutes) 15 30 60 Marked-up price Juanita's office Price of a Skirt (Dollars per skirt) 114 86 60 Discounted price Original price
- 14. What assumption is important in using economic model to make predicitons? a) the law of demand b) the rationality assumption c) ceteris paribus/ other things being equal d)evryone being a price taker9. Behavioral economics Indicate whether each of the following examples of behavior is consistent with the way the traditional economic framework suggests people should act, or whether it is reserved for behavioral economists to examine. Behavior There are people who pursue a degree in dance rather than informatics, even though high-tech careers are usually much higher-paying. Some people care more about how much money they make relative to others in their social network rather than their absolute income level. Some people treat $60 they earn differently from $60 they win playing powerball. People at all-you-can-eat restaurants eventually leave, even though they could continue eating for free. Consistent with Traditional Economic Model predictions Exclusive to Behavioral Economic theoryQuestion 9 ) Listen The negative slope of the budget line (or production possibilities curve) has a special meaning in economics. Which of the following does not indicate the negative slope correctly? 1) Consumers must make trade-offs in their consumption decisions. 2) There is an inverse relationship between the amount of one good and that of the other. 3) Positive slopes are always preferred to negative slopes. 4) To get more of one good, we must give up with less of the other good. Question 10 ( ) Listen Which of the following is a macroeconomic statement? 1) The price of farmland in the U.S. increased by 30 percent in 2011 to 2012. 2) The gross domestic product in the first quarter of 2014 decreased from the previous quarter. 3) General Motors' profits increased last year. 4) The productivity of steelworkers increased by 1 percent last year.
- Case No. 1 Emma likes to call her friend regularly during the month, but he lives abroad. A call costs him $5/minute. The psychological benefit (measured in dollars) of the first 100 minutes of call is $10/minute, that of the next 100 minutes, $5/minute, that of the next 100 minutes, $2.5/minute and finally, that of the next 100 minutes, also $2.5/minute. A) If Emma calls her friend 100 minutes a month, does she make a net gain? B) What is the number of call minutes per month that maximizes Emma's satisfaction? C) If we use Emma's monetary measure of satisfaction, what is the amount of her satisfaction? D) What should be the price per minute of a call for Emma to be at the maximum satisfaction by choosing to call 400 minutes per month?Question3 a) Suppose a household is faced with the choice between consuming gasoline (G) and all other goods (OG). Today the household consumes 800 liter of gasoline a year.Suppose then that a gasoline price increase is perfectly compensated by a wage increase. If the family followed the utility maximization model, how would this affect their consumption of gasoline? Explain by using a figure. b) Explain by using an example why an MRS (Marginal Rate of Substitution) between two goods must equal the ratio of the price of the goods for the consumer to achieve maximum satisfaction?This is an economics-based multiple-choice question... Which of the following facts could not be explained by path-dependence? (choose one) A) Sue lives in the city in which she was born. B) Maria likes to cook the dishes her mother used to cook. C) Vanessa is the first person in her family to go to college. D) Ahmed has played piano since he was four years old.