The idea that having ownership of an item increases the value that a person puts on the item can be explained by
a. The endowment effect
b. Loss aversion
c. Overconfident bias
d. Anchoring bias
a
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Which of the following is directly accounted for in the calculation of GDP?
A) the value of one hour of leisure as measured by the hourly wage one would otherwise earn by working B) the value of repairing your own kitchen sink as measured by the average rates charged by local plumbers C) cash earnings from an illegal poker game D) improvements in quality of life from the reduction of pollution E) None of the above items is accounted for in GDP.
The demand curve for labor shows what?
a. The demand for labor is immune to wage pressures. b. There is a negative relationship between wage and quantity. c. The supply of labor is higher at higher wage levels. d. There is a positive relationship between wage and quality.