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Betty knows that she needs to save 20% of her annual income for retirement. However, she spends 90% of her income each year. This is an indication that Betty’s preferences area.irrational.b.inconsistent over time.c.satisficing rather than maximizing.d.undefined.ANSWER: binconsistent over time.SECTION: OBJECTIVE: 25.Behavioral economics a.integrates psychological insights into economic models.b.relies on the assumption that homo economicus describes economic decisionmaking.c.assumes that economic agents have full information about the conditions surrounding their decisions.d.All of the above are correct.ANSWER: aintegrates psychological insights into economic models.SECTION: OBJECTIVE:
... sewing b knitting c both activities d neither activities 19 We know that Sarah has the comparative advantage in a sewing b knitting c both activities d neither activities 20 Jill should specialize in... Jill should specialize in a sewing b knitting c both activities d neither activities 21 Sarah should specialize in a sewing b knitting c both activities d neither activities 22 Which of the following describes the production possibilities frontier for Jill and Sarah together if ... Which of the following activities would occur in a market for goods and services? a Harry mows his grass b General Motors hires additional workers to run a third shift at a factory c Jane bakes pies for Thanksgiving dinner