Which of the following is the best description of the effects of an increase in the supply of bread?
a. Consumers will pay more for bread.
b. Bread prices will fall, and bread sales will rise.
c. A permanent surplus of bread will remain on the market.
d. Bakers will have higher marginal costs.
B
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Which of the following sequences best describes the five necessary steps to develop an economic model in the correct order?
A) (1): Identify the endogenous variables; (2): identify the exogenous variables; (3): develop a model; (4): compare the model with the data; (5): conduct prediction and policy analysis. B) (1): Develop a model; (2): identify the exogenous variables; (3): identify the endogenous variables; (4): compare the model with the data; (5): conduct prediction and policy analysis. C) (1): Conduct prediction and policy analysis; (2): develop a model; (3): identify the endogenous variables; (4): identify the exogenous variables; (5): compare the model with the data. D) (1): Conduct prediction and policy analysis; (2): compare the model with the data; (3):identify the endogenous variables; (4): identify the exogenous variables; (5): develop a model. E) none of the above
The ________ assumes that people choose efficient means to achieve their ends, but it regards goals as objects of choice that are subject to a similar efficiency requirement.
A. Weber-Fechner law B. present aim standard of rationality C. standard rational choice model D. adaptive rationality standard