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Economist Gerd Gigerenzer characterizes heuristics as "fast and frugal" ways of reaching decisions. Are there any costs to heuristics being "fast and frugal"? Explain and give an example of how a fast and frugal method for doing something in everyday life comes at some costs in terms of other attributes forgone.
Let’s assume that you own a fast food restaurant and you are faced with many customers each day eating in the restaurant without any tables. Describe the difference between the short run and long run in the example to bringing about more tables for t..
Companies that reduce their margins on export products in the face of appreciation of their home currency may be motivated by a desire to
Research and identify the salient features of the Fair Labor Standards Act (FLSA). Provide a definition of exempt and nonexempt employees. State at least three criteria that differentiate an exempt and nonexempt employee.
In a system in which there is an administered exchange rate, what is the term used when the government sets the rate higher to buy fewer units of foreign currency?
Rather than look at the effect on the "competitiveness" of the dominant firm, should the Commission have not also considered the effect of the dominant firm's conduct on efficiency?
Extend this comparison by choosing a different point on this period's PPF and discuss whether that combination leads to more or less growth over the next period.
Make a table showing the value of marginal product for each screen from the first through the fifth. Illustrate what property is illustrated by the behavior of marginal products.
The EU is a regional integration. Please discuss the option to develop from a free trade area to a common market and a currency union. The planned Transatlantic Trade and Investment Partnership (TTIP) is a free trade area. Please discuss the impacts ..
Discuss which of the following activities will contribute in the U.S. GDP. Support your responses with appropriate rationale. A grey market includes distribution channels, which are legal but are unofficial,unauthorized, or unintended by the original..
New actuator element technology enables engineers to simulate complex computer-controlled movements in any direction. If the technology results in cost savings in the design of amusement park rides, what is the future worth in year 5 of savings of $7..
What would happen in the market for loanable funds if the government were to decrease the tax rate on interest income? Suppose you put $500 into a bank account today. Interest is paid annually and the annual interest rate is 8 percent. The future val..
Should we remove all barriers to immigration into the United States? What would be the outcome? If we could let in an extra hundred thousand immigrants every year, should we favor certain immigrants over others? Why?
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