A. people are rational maximizers
B. People are reluctant to change their minds
C. People are inconsistent over time
D. People care about fairness
Related Mcqs:
- Which of the following is an example of a reason why firms might pay efficiency wages ?
A. At equilibrium wages workers sleep when the boss is not looking because workers are not deeply concerned about being fired
B. At equilibrium wages workers often quit to find better jobs.
C. At equilibrium wages only minimally qualified workers apply for the job
D. At equilibrium wages, workers cannot afford a healthy diet so they fall asleep at work due to a lack of energy
E. All of these answers - Suppose there are three identical vases available to be purchased. Buyer 1 is willing to pay Rs30 for one, buyer 2 is willing to pay Rs25 for one, and buyer 3 is willing to pay Rs20 for one. If the price is Rs25, how many vases will be sold and what is the value of consumer surplus in this market ?
A. Three vases will be sold, and consumer surplus is Rs80
B. One vase will be sold, and consumer surplus is Rs5.
C. One vase will be sold, and consumer surplus is Rs30.
D. Three vases will be sold, and consumer surplus is Rs0.
E. Two vases will be sold, and consumer surplus is Rs5. - Under a pegged exchange rate system which does not explain why a country would have a balance of payments deficit ?
A. very high rates of inflation occur domestically
B. foreigners discriminate against domestic products
C. technological advance is superior abroad
D. the domestic currency is undervalued relative to other currencies - Which of the following is not true with regard to workers who have a high value of marginal product? These workers ?
A. have skills that are in relatively scarce supply
B. produce output for which there is great demand
C. usually have little capital with which to work
D. are usually highly paid - Which of the following is true regarding the production and pricing decisions of monopolistically competitive firms? Monopolistically competitive firms choose the quantity at which marginal cost equals ?
A. marginal revenue and then use the demand curve to determine the price consistent with this quantity
B. average total cost and then use the supply curve to determine the price consistent with this quantity
C. marginal revenue and then use the supply curve to determine the price consistent with this quantity
D. average total cost and then use the demand curve to determine the price consistent with this quantity - Which of the following is true with regard to monopolistically competitive firms scale of production and pricing decisions Monopolistically competitive firms produce ?
A. at the efficient scale and charge a price equal to marginal cost
B. at the efficient scale and charge a price above marginal cost
C. With excess capacity and charge a price above marginal cost
D. With excess capacity and charge a price equal to marginal cost - Different workers or group of workers separate the production works and trade into__________processes. What this separation is called?
A. Divided Labor
B. Closed shop
C. Division of Labor
D. Open shop - If the total product of two workers is 80 and the total product of 3 workers is 90 then the average product of the third worker is ________ and the marginal product of the third worker is _________?
A. 160; 270
B. 10; 30
C. 10; 3.33
D. 30; 10 - Economists have hypothesized that the widening gap between the wages of unskilled workers and skilled workers may be due to ?
A. decrease in the demand for unskilled workers because of increases in technology and increases in international trade
B. increase in the number of unskilled workers available due to immigration into the UK.
C. decrease in the demand for unskilled workers are more poorly educated
D. increase in the number of unskilled workers available because workers are more poorly educated - If workers and firms agree on an increase in wages based on their expectations of inflation and inflation turns out to be more than they expected ?
A. none of these answers
B. Workers will gain at the expense of firms
C. neither workers nor firms will gain because the increase in wages in fixed in the labor agreement
D. firms will gain at the expense of workers.
