All of the following are associated with the War Industries Board except
a. the negotiation of the prices of key industrial products.
b. developing and implementing the bulk line pricing system to determine industrial prices that maximized output.
c. the unintended consequence of the "priorities inflation" of contracts.
d. establishing and enforcing minimum wages for manufacturing workers.
d. establishing and enforcing minimum wages for manufacturing workers.
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Gross domestic product (GDP) is not a perfect measure of welfare because it: a. treats a dollar spent on guns the same as a dollar spent on education. b. treats a dollar spent on exports the same as a dollar spent on imports. c. double counts the value of leisure time
d. double counts depreciation. e. counts illegal activities in the underground economy.
Answer the following statement true (T) or false (F)
1) The presence of framing effects influences how sellers present their products to consumers. 2) Prospect theory and the work of behavioral economists confirm that consumers are economically rational. 3) People feel losses about 2.5 more intensely than they feel gains. 4) Firms would rather shrink package sizes than raise prices because consumers will feel less of a loss from the change in package size.