John's friend Rosika won a major lottery jackpot. Seeing this, and despite the fact that millions don't win and the odds of winning are infinitesimal, John goes out and buys a bunch of lottery tickets despite struggling financially. John's
decision to buy the lottery tickets under these circumstances would best be explained by the:
A. hindsight bias.
B. self-serving bias.
C. confirmation bias.
D. availability heuristic.
Answer: D
Economics
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Unemployment arising from a persistent mismatch between the skills and characteristics of workers and the requirements of jobs is called
A) unnatural unemployment. B) seasonal unemployment. C) structural unemployment. D) cyclical unemployment. E) frictional unemployment.
Economics
Refer to Scenario 10.3. At the profit-maximizing level of output, demand is
A) completely inelastic. B) inelastic, but not completely inelastic. C) unit elastic. D) elastic, but not infinitely elastic. E) infinitely elastic.
Economics