Choice architecture is the:
A. the internal mental framework people use in order to make all their decisions.
B. choices that force utility-maximizing decisions for individuals.
C. political framework under which policy is made.
D. organization of the context and process in which people make decisions.
Answer: D
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Suppose you hold $5,000 in cash when the interest rate on bonds is 4 percent. Other things equal, as the bond interest rate declines to 3 percent, you will want to hold more money because the opportunity cost of holding money has decreased
a. True b. False Indicate whether the statement is true or false
The distribution of income in a market economy is determined by
a. the level of employment and prices of the factors of production. b. the prices of factors of production. c. largely unknown forces which economists seek to discover. d. decisions of government offices related to distribution.