Buck carefully plans out an early morning exercise routine to lose weight and get fit. When it's time to work out, however, Buck just "doesn't feel up to it" and decides to sleep in. Behavioral economics would say that Buck:
A. weighed the costs and benefits and made a rational economic decision to sleep in.
B. used System 1 of his brain to formulate his workout plan, but then gave in to System 2
when he chose to sleep in.
C. used System 2 of his brain to formulate his workout plan, but then gave in to System 1
when he chose to sleep in.
D. is fundamentally lazy and incapable of sticking to a workout plan.
Answer: C
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The above figure shows the U.S. market for wheat. With no international trade, consumer surplus is equal to ________ and producer surplus is equal to ________
A) area A; area B + area C + area E + area F B) area A + area B + area C; area E + area F C) area E + area F; area A D) area B + area C + area D; area E + area F E) area A + area B + area C + area D; area E + area F
Under a situation of asset market equilibrium,
A) the quantity of money supplied equals the quantity of money demanded. B) the quantity of money supplied equals the quantity of nonmonetary assets demanded. C) the quantity of nonmonetary assets supplied equals the quantity of monetary assets demanded. D) the quantity of money supplied equals the quantity of nonmonetary assets supplied.