An economist looks at data that suggests that people are making decisions that are based on rules of thumb. She concludes that people tend to make decisions that are based on habit and not on the economic decision rule. She is most likely a(n):

Buying a cup of coffee with a dollar bill represents the use of money as a:

a. medium of exchange. b. unit of account. c. store of value. d. all of these.

The opportunity cost of going to an outdoor music festival is

A) the enjoyment you receive from going to the festival. B) the value of the time spent at the festival. C) equal to the highest value of an alternative use of the time and money spent on the festival. D) zero because there are no overhead costs for an outdoor festival. E) the cost of the festival ticket only.