According to behaviorial economists, traditional economic models assume all the following characteristics EXCEPT
A) unbounded selfishness.
B) unbounded resources.
C) unbounded willpower.
D) unbounded rationality.
Answer: A
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Suppose the price of leather used to produce shoes increases. The higher price of leather ________ the supply of shoes and the supply curve of shoes ________
A) increases; shifts rightward B) increases; shifts leftward C) decreases; shifts rightward D) decreases; shifts leftward E) does not change; does not shift
Which of the following is a reason why only limited attempts are made to compensate those who lose from free international trade?
A) Free trade advocates consistently lobby to eliminate compensation. B) It would be difficult to determine the extent to which someone's sufferings were because of free trade and not due to reasons under their own control. C) No one loses in the from free trade in the long run. D) None of the above answers are correct.