According to the Weber-Fechner law, the perceived size of a change in a stimulus will be large when the change in the stimulus:
A. is a rare event.
B. occurs frequently.
C. is large in proportion to the original stimulus.
D. is small in proportion to the original stimulus.
Answer: C
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Consider an economy with only two goods: bread and wine. In 1982, the typical family bought 4 loaves of bread at 50¢ per loaf and 2 bottles of wine for $9 per bottle. In Year X, bread cost 75¢ per loaf and wine cost $10 per bottle. The CPI for Year X (using a 1982 base year) is:
A. 100. B. 115. C. 126. D. 130.
While waiting in line to buy one cheeseburger for $1.50 and a medium drink for $1.00, Sally notices that she could get a value meal that contains both the cheeseburger and medium drink and also a medium order of fries for $2.75. She thinks to herself, "Is it worth the extra 25 cents to get the medium fries?" To an economist, Sally's decision is an example of:
A. marginal analysis. B. basing decisions on total, rather than marginal, value. C. an unintended consequence. D. the fallacy of composition.