Which entity produces the greatest proportion of U.S. gross national product?
A) government
B) non-profit organizations such as hospitals
C) firms
D) universities
C
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Which of the following is an example of a topic studied by macroeconomists?
A) Utility maximization by a consumer B) Decision making by a producer C) Aggregate demand in an economy D) Price determination by a firm
To demonstrate the anchoring phenomenon, Kahneman and Tversky would ask research subjects very difficult questions that should be answered with a number between zero and 100
Before asking for the respondent's answer, they would also spin a large wheel that generated random number outcomes from zero to 100. If the respondents were subject to the anchoring effect, then we should expect that: A) their responses are uncorrelated with the numbers generated by the wheel. B) their responses are correlated with the numbers generated by the wheel. C) their responses are wrong most of the time. D) none of the above