The last two decades in the United States have seen
a. a fall in real wages.
b. an increase in labor-force participation.
c. growth in service sector employment.
d. All of the above are correct.
d
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You are participating in a reality show in which you and several other competitors have been taken to an unknown place and asked to find your way to a destination using a map . You were doing a good job until you reached a crossroad
Confused as to which way to take, you decided to take the road that most of your competitors chose. a) What is the term that is used to refer to such behavior? b) Why do people often behave in this way?
Which of the following is an example of the endowment effect?
A) A consumer places a higher value on a good currently owned as compared to a good they are considering purchasing. B) A consumer uses a portion of income in order to provide income to future generations. C) As a consumer's income increases, they increase consumption of most goods. D) Consumers will tend to value objects the same for buying and selling.