The false belief that past outcomes affect future events is known as ______.
a. the endowment effect
b. the gambler’s fallacy
c. the law of diminishing marginal utility
d. the ultimatum game
b. the gambler’s fallacy
Economics
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According to Keynes' fixed money wage theory, when the price level is higher than expected the real wage is ____ than expected and unemployment is ______ than expected
a. lower; lower b. higher, higher c. lower; higher d. higher; lower
Economics
The Arrow impossibility theorem suggests
A) democracies are doomed to fail in the long run. B) dictatorships are impossible in the long run. C) there is no universally applicable decision rule in a majority-rule democracy. D) there is no way to make democracy better than a dictatorship.
Economics