Nafta:
A. has increased the standard of living in the North African member nations.
B. benefits workers in the participating nations but hurts consumers by raising prices.
C. allows completely unrestricted movement of goods, services, and resources between the
member nations.
D. has reduced most trade barriers between Canada, Mexico, and the United States.
D. has reduced most trade barriers between Canada, Mexico, and the United States.
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Refer to Figure 10.3. A negative demand shock accompanied by an increase in the real interest rate is best represented by ________ in panel (a) and ________ in panel (b)
A) a shift from AE3 to AE2; a movement from point C to point B B) a shift from AE2 to AE3; a shift from IS1 to IS2 C) a shift from AE2 to AE1; a movement from point B to point A D) a shift from AE3 to AE1; a movement from point C to point A
Which of the following is NOT among the statements that critics of prospect theory have made about it?
A. It is not necessary, since expected utility theory accounts rather well for most risky choices. B. The evidence reflects systematic mistakes that consumers might correct through experience and awareness. C. Instead of explaining behavioral puzzles, prospect theory merely summarizes them. D. Loss aversion has been proven to be false in many theoretical and experimental economic works.