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Behavioural economics
1) Suppose that Joe enjoys and repeatedly does stupid things like getting heavily into debt and insulting police officers. Do these actions constitute systematic errors? If he gets what he wants each time, are his stupid actions even considered to be errors by economists? Explain.
2) Why do behavioral economists consider it helpful to base a theory of economic behavior on the actual mental processes that people use to make decisions? Why do neoclassical economists not care about whether a theory incorporates those actual mental processes?
3) What does behavioral economics have to say about each of the following statements?
a) "Nobody is truly charitable--they just give money to show off."
b) "America has a ruthless capitalist system. Considerations of fairness are totally ignored."
c) "Selfish people always get ahead. It's like nobody even notices!"
The characteristic that distinguishes a perfectly competitive market from a monopolistically competitive market is. Which of the following statements concerning market structure is not true?
Describe each of the following financial institutions. If it is a financial intermediary, describe what type of liabilities it issues and who holds these liabilities, as well as what kinds of assets it holds and who issued these assets. If it is not ..
Clearly evalute at least three such factors that in your view should be included in the GDP calculations. Explain and illustrate how they will help to improve the GDP as a tool for measuring the well-being of a nation.
Consider the production function f(x1, x2) = x21 x22 . Does this exhibit constant, increasing, or decreasing returns to scale? Consider the production function f(x1, x2) = 4x121 x132 . Does this exhibit constant, increasing, or decreasing returns to ..
In the Keynesian view, would a constitutional amendment that would require the federal government to balance its budget (incur no deficit) be desirable? Explain your answer.
Monetary expansion causes the current account balance to increase in the short run. Discuss this statement. Is the same true for fiscal expansion?
At the Central Furniture Company, customers who buy on credit pay an effective annual interest rate of 16.1%, based on monthly compounding, what is the nominal annual interest rate that they pay?
If the fluctuations in the economy's real growth rate from year to year are caused primarily by variations in the rate at which aggregate delivery increases
Top Inc. is interested in developing a new toy. The toys will sell for $25 each and they plan to sell 10 million toys at the end of each year for 4 years. Variable costs are $20 per toy; fixed costs are $10,000,000 per year. If the cost of capital is..
The manager of a large automobile dealership who wants to learn more about the effectiveness of various discounts offered to customers over the past 14 months
Why should John and Karl live together. If they do, will there be dirty dishes in the sink. Explain
What is the accounting profit that Fred would get in his venture? What is the economic profit that Fred would get in his venture? Would you recommend Fred go ahead with his venture? Why?
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