Behavioral economists believe that people

A) assess current and future options equally well.
B) do not care about fairness, especially if it impairs their ability to get what they want.
C) make errors in decision making because of problems such as bad information, but such errors are random and generally not repeated by the same individual.
D) often succumb to temptation.

The aging as a time of loss narrative is typically applied to women.

The invisible hand of the marketplace acts to allocate resources efficiently, but it does not necessarily ensure that resources are allocated fairly.

Gigantic State University raises tuition for the purpose of increasing its revenue so that more faculty can be hired. GSU is assuming that the demand for education at GSU is

A) decreasing.
B) relatively elastic.
C) perfectly elastic.
D) relatively inelastic.

The national income accounting system measures economic activity based on the concept of _____.

A) absolute advantage of different industries in an economy
B) the circular flow of precious metal and money through the different sectors of an economy
C) comparative advantage of different industries in an economy
D) the circular flow of output and income through the different sectors of an economy
E) the circular flow of labor and other resources through the different sectors of an economy