Economists believe that people who force themselves to always eat everything on their plate at a restaurant, regardless of how full they might feel, likely do so because:
A. they include the sunk cost of their meals in making their decision.
B. they gain negative utility from insulting the chef.
C. they overvalue the opportunity costs of their health and time involved with eating food they don't really want.
D. they undervalue the true benefit of eating too much.
Answer: A
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The vertical axis in the AD-AS model shows:
A. the economy's real GDP growth rate. B. the economy's inflation rate. C. the economy's short-term interest rate. D. the economy's nominal GDP growth rate.
Average product equals the
A) increase in output that results from a one-unit increase in the quantity of labor employed with all other inputs remaining the same. B) total amount of output produced. C) total amount of output produced divided by the quantity of labor employed. D) total amount of output produced divided by price of the output.