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.
Q: Which of the following refers to a two-way trade in which a country both exports and imports the…
A: Trade refers to the buying, selling, and distribution of goods and services, with the consumer…
Q: Suppose marginal benefits and marginal costs are given by B(Y) = 100 − 16Y and C(Y) = 20Y. What…
A: Net benefit is the difference between total benefits and total cost. Net benefit is maximum when…
Q: PESTLE analysis can provide answers to the following specific global market entry questions Multiple…
A: The important external factors that could have an impact on a company's business operations and…
Q: Question 22 A price ceiling is binding when it is set O b. above the equilibrium price, causing a O…
A: A price ceiling refers to legal maximum price that can be charged for the good. Firms can not set…
Q: According to the Census Bureau, the US working-age population in July 2017 was around 326 million.…
A: The percentage of the working-age population (those between the ages of 16 and 64) that is either…
Q: 5. Automatic adjustments to the government budget The following table provides some information on…
A: The budget deficit defines the government spending outpasses the income, that is, taxes. Similarly,…
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
Q: Need more explanation by considerinng the data given in snapshots
A: In the regression model, the coefficient indicates that the one unit change in the independent…
Q: The following is information for the economy of Tandor, where taxes are wholly autonomous: C = 48…
A: The level of income can be calculated through the expenditure method by taking the consumption,…
Q: Consider a market that is perfectly competitive and has no externalities. Which, if any, of these…
A: Many people imagine free markets as having minimal to no government influence. Governments really…
Q: 9 There are two markets: Paradise Point and Sugar Heaven. The demand for candy in Paradise Point is…
A: Demand curve is the downward sloping curve. When the price is such that it is beyond the choke…
Q: 5. Consider the extended IS-LM model that allows for net exports: C=15+0.8(Y-T) T = -25 +0.25Y I=…
A: Given,C = 15 + 0.8(Y - T)T = - 25 + 0.25YI = I0 - RG = G0 X = 40 - 0.1Ywhere C is consumer…
Q: can you draw that IC that corresponds to the problem please
A: The IC curve shows the combination of two goods in the market that satisfy their want and give equal…
Q: Table 2.5.4 from BEA What categories of consumption expenditures have the highest inflation rate…
A: Inflation rate refers to the rate at which prices for goods and service increase over time.…
Q: The figure below is historical demand (vertical axis) over time (horizontal axis). You can see the…
A: Demand refers to the quantity of a product or service that consumers are willing and able to…
Q: Suppose an economy has a marginal propensity to consume of 0.66 along with $38,039 consumption…
A: After paying all applicable taxes to the federal, state, and local governments as well as any other…
Q: What is the future perspective of the Euro ?
A: The Euro, the currency of the Eurozone, has been one of the most important currencies in the world…
Q: Which of the following statements is true? Business investment includes purchases of…
A: The term "business investment" refers to the expenditure of resources by a company or an individual…
Q: 5. How can lowering replacement rates or increasing the retirement age affect the Social Security…
A: The Social Security tax rate refers to the percentage of an individual's earnings that is paid as…
Q: The table shows data for two countries in 2021 (data expressed in millions of pounds). Select all…
A: Output gap is the difference between the actual output and potential output then divided by the…
Q: Do economists have a role in policymaking on non-economic topics?
A: Economists are professionals who study how individuals, organizations, and societies make choices…
Q: True or false question: Making minimum payment will result in paying off your cards eventually?
A: Credit cards are a type of payment card that allows the holder to borrow funds from a financial…
Q: When the quantity is placed in the cost equation / function I am getting a different price. Aren't…
A: Monopolist: A monopolist is a single seller in the market and hence he faces the downward sloping…
Q: Scale economies are said to be present when
A: The average cost curve determines the average cost of producing a given level of output. The…
Q: (1.4) Consider the following IS-LM model: I Y=C+I+G C=100+0.4(Y-T) I= 150+ 0.2Y - 4,000r r=0.01 with…
A:
Q: A non-profit religious institution near Sugar Land, TX, organized a kite flying festival for the…
A: Social responsibility is the belief that corporations and organizations have a duty to take into…
Q: The following table displays employment data from FRED* for February, 2023. The values are in…
A: Labor force is the sum of employed people and unemployed people. Unemployment rate = No. of…
Q: 1. In an economy, the output is 25, the consumption is 14, and the government spends six and…
A: The equilibrium rental rate or interest rate is determined at the intersection of the demand curve…
Q: Answer the questions below from the data in table (all figures are in billions of dollars). Total…
A: M1 and M2 money supply are two different ways to define money. Cash, demand deposits that can be…
Q: why do credit cards charge higher interest than home and car loans? please help me with this…
A: A credit card is a type of payment card that enables the cardholder to borrow money from a bank or…
Q: Your cousin Vinnie owns a painting company with fixed costs of $200 and the following schedule for…
A: Total cost is the cost of producing all the units of good. Average cost of the cost of production…
Q: 1. If domestic saving exceeds domestic investment, one would observe: (a) positive net capital…
A: Net capital outflow(NCO): The difference between the amount of domestic saving and the amount of…
Q: What is the dominant strategy of the column player?
A: In game theory, a dominant strategy is a strategy that is always the best choice for a player,…
Q: Which of the following would be categorized as an implicit cost? a. not being able to spend your…
A: The implicit cost is the cost that already occurred but is not recorded in the business. It is the…
Q: what are the negative impact of culture on hindering economic development ?
A: There are numerous ways in which culture can avert economic development:
Q: Keynes used the term “animal spirits” to refer to business optimism or pessimism that affects…
A: John Maynard Keynes was a British economist who lived from 1883 to 1946. He is widely regarded as…
Q: Government expenditure and services Net taxes on goods 8 30 35
A: Item Millions of Dollar Consumption Expenditure 80 Government expenditure on goods and services…
Q: Suppose that the demand per ounce of a rare type of chocolate, Qp, is represented by the following…
A: Demand-supply equilibrium: Demand refers to the total demanded quantity for commodities and services…
Q: 1.What is a binding price floor? What conditions need to be met? Explain 2. What is a binding…
A: Price legislation refers to laws and regulations that govern the prices of commodities and services…
Q: After reading the section titled “Dominant Microprocessor Company Intel Adapts to Next Trend”…
A: Introduction: Monopolies are dominant firms that have a significant market share in their industry,…
Q: Which of the following changes in personal income tax would lead to the smallest increase in…
A: Increase in consumption = Increase in disposable income * MPCWhere MPC is the marginal propensity to…
Q: You are buying a used car and according the Blue Book the value of the car you want to buy is…
A: The "lemons problem" is a term used in economics to describe a situation where the seller of a…
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…
Q: The comparison between the current and ideal state and the difference which of the following stage…
A: Consumer decision-making is the procedure people use to find, assess, and choose the goods and…
Q: Complete the table below for the economy of Smetana. Round your answers for the Debt / GDP % to 1…
A: When government expenditure exceeds its income is depicted by the concept of budget deficit. When…
Q: Let a firm’s production function be f(K,L) = √2K1/2L1/2. a) Solve for the contingent demand…
A: A production function is an economic concept that describes the relationship between inputs (factors…
Q: If the price elasticity of supply is 0.6 and price increases by 15 percent, the quantity supplied…
A: Supply price elasticity: Supply implies the total inputs or FOPs provided in the market by the…
Q: Question 2 Match each option on the left column to the best possible option from the right column An…
A: Income elasticity measures the responsiveness of quantity demanded when income changes. Income…
Q: n order for a higher-cost alternative to be attractive, the incremental rate of return must…
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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- One type of systematic error arises because people tend to think of benefits in percentage terms rather than in absolute dollar amounts. As an example, Samir is willing to drive 20 minutes out of his way to save $4 on a grocery item that costs $10 at a local market. But he is unwilling to drive 20 minutes out of his way to save $10 on a laptop that costs $400 at a local store. In percentage terms, how big is the savings on the grocery item? On the laptop? In absolute terms, how big is the savings on the grocery item? On the laptop? If Samir is willing to sacrifice 20 minutes of his time to save $4 in one case, shouldn’t he also be willing to sacrifice 20 minutes of his time to save $10?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, Group of answer choices 1. Sandy should specialize in economics reports, and Tim should specialize in sales calls. 2. Sandy should produce both economics reports and sales calls since she cannot possibly gain from trade with Tim. 3. Tim should produce both economics reports and sales calls. 4. Tim should specialize in producing economics reports, and Sandy should specialize in producing sales calls.Suppose that there are three beachfront parcels of land available for sale in Astoria, and six people who would each like to purchase one parcel. Assume that the parcels are essentially identical and that the selling price of each is $745,000. The following table states each person's willingness and ability to purchase a parcel. Willingness and Ability to Purchase (Dollars) Alyssa 720,000 Brian 690,000 Crystal 680,000 Nick 900,000 Rosa 810,000 Tim 770,000 Which of these people will buy one of the three beachfront parcels? Check all that apply. Alyssa Brian Crystal Nick Rosa Tim Assume that the three beachfront parcels are sold to the people you indicated in the previous section. Suppose that a few days after the last of those beachfront parcels is sold, another essentially identical beachfront parcel becomes available for sale at a price of $732,500. This fourth parcel _____________be sold…
- True or false with reasoning: 1) _______When we claim that utility can be ordinally measured, we assume that the consumer is able to measure the total and marginal utility received when one extra unit of a commodity is consumed. 2)_______If MRS between two goods is constant, then having more of one good without having more of the other does not increase utility. 3)_______Marginal Utility increases until total utility is at a maximum and then marginal utility decreases.Suppose that each week Fiona buys 16 peaches and 4 apples at her local farmer's market. Both kinds of fruit cost $1 each. From this we can infer that: If Fiona is maximizing her utility, then her marginal utility from the 16th peach she buys must be greater than her marginal utility from the 4th apple she buys. Fiona is not maximizing her utility. If Fiona is maximizing her utility, then her marginal utility from the 16th peach she buys must be equal to her marginal utility from the 4th apple she buys. The law of diminishing marginal utility does not hold for Fiona.Ana and Ivan each individually and simultaneously decide whether to spend the evening at a play or a concert. Ana prefers to attend the concert twice as much without Ivan than to attend the play without him, and she prefers this three times more than being in the same place with Ivan (and at that point, she doesn't care where they are). Ivan prefers being in the same place with Ana twice as much as being at the play without her, and he prefers this four times more than being without Ana at the concert. Both have von Neumann-Morgenstern (vNM) preferences. With what probability will Ivan choose to attend the concert in Nashe's equilibrium?
- 1. In the Traveler’s Dilemma, each of two people chooses a number between 180and 300. Each is paid the lower of the two numbers, but the person who choosesthe higher number must pay an amount x to the person who chose the lowernumber. In one case, x = 5, while in the other case x = 180. What differencewould you expect between choices with the two values of x?a. Higher choices when x = 5.b. Higher choices when x = 180.c. Little or no difference.d. Impossible to predict.2. Consider these statements about communication in experiments.1. Chat communication is usually more effective than written simple signals (A,B, etc.).2. Friendly appeals to mutual interest and payoff dominance are effective.3. Promises often affect beliefs and actions.4. A promise is not worth the paper it is printed on.Which of these are true?a. 1 and 2b. 1 and 3c. 2 and 3d. 1, 2, and 33. A treasure is hidden under one of the four boxes below. A person gets twoguesses to find the treasure. What do you think is the most…In a simple exchange economy, Alex and Sid both have identical lexicographic preferences with a preference for maple syrup. This means that when comparing any two bundles, each of them would prefer the one with the larger amount of maple syrup regardless of the amount of poutine in those bundles. If the two bundles have identical amounts of maple syrup, then they would choose the one with a larger amount of poutine. The total amount of maple syrup in this economy is 15, and there are 21 plates of poutine. Describe the contract curve in this economy and justify your answer.Let’s use the Fisher effect to use two known values to learn about the unknown third one. Consider the table, with some values given and some missing. ?i ??Eπ ?EquilibriumrEquilibrium 5% 2% 3% 5% 1% ___ 5% ___ 8% ___ 10% 2% 6% ___ 2% 0% -2% ___ Compute the missing values in the table. ?=5%,??=1%,?Equilibrium=i=5%,Eπ=1%,rEquilibrium= % ?=5%,?Equilibrium=8%,??=i=5%,rEquilibrium=8%,Eπ= % ??=10%,?Equilibrium=2%,?=Eπ=10%,rEquilibrium=2%,i= % ?=6%,?Equilibrium=2%,??=i=6%,rEquilibrium=2%,Eπ= % ?=0%,??=−2%,?Equilibrium=
- Suppose Colin's mom has decided to take him out to breakfast to celebrate his birthday. Colin is having a hard time deciding between breakfast combo #1 (3 pancakes and 2 scrambled eggs) and breakfast combo #2 (2 pancakes and 3 scrambled eggs) because they both sound equally good to him (and since his mom is paying for breakfast, he doesn't care about how much they cost). He ends up flipping a coin to decide which one to have. Which of following the statements are true? Select all that apply. Breakfast combo #1 and breakfast combo #2 are on the same indifference curve for Colin.Breakfast combo #1 and breakfast combo #2 are on the same indifference curve for Colin. Scrambled eggs and pancakes are perfect substitutes for Colin.Scrambled eggs and pancakes are perfect substitutes for Colin. If Colin gets breakfast combo #1 his willingness to give up scrambled eggs for pancakes is likely to be lower than if he had gotten breakfast combo #2. If Colin gets breakfast combo #1…Consider the production of handmade rugs and assembly robots in India and Canada. Assume that Canada is relatively abundant in capital and that India is relative abundant in labour. Furthermore assume that the production technology for rugs and robots is the same in both countries. Draw production possibilities frontiers for each country keeping the production of rugs in the horizontal axis and the production of robots in the vertical axis. Assuming that consumer preferences are the same in both countries, add indifference curves and relative price lines under autarky. What are the differences in the relative price of rugs between the countries under autarky?1. Suppose that on the island, the currency is shell beads. The going price for coconuts is 2.4 beads and that for fish is 1 bead. You earn 20 beads per period from your job as a harvester. Given the data in the table, your equilibrium or maximum satisfaction coconut-fish combination will be ____? coconuts and ____? fish. Explain why this will be the chosen combination. 2. Your total utility from the coconut-fish combination is ____?
