"Heuristics" used by the human brain are one of the reasons why:
A. Our preferences are quite stable and consistent
B. Neoclassical economic models accurately predict human behavior
C. Human perception is susceptible to context and prone to error
D. The utility-maximizing model of decision-making is precise
C. Human perception is susceptible to context and prone to error
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The figure above shows the production possibilities frontiers for the United Kingdom and France. What is the opportunity cost of one bushel of wheat for the United Kingdom?
A) 1/4 of a pound of fish B) 1/2 of a pound of fish C) 1 pound of fish D) 200 pounds of fish E) 2 pounds of fish
The middle class in the United States has _______ since the late 1960s.
A. stayed the same B. decreased C. increased a great deal but then declined D. increased slightly