In 2009, household spending was the smallest component of total spending in the U.S. economy.

In 2009, household spending was the smallest component of total spending in the U.S. economy.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 2

If a coin toss comes up heads five times in a row, on the sixth flip the odds are better that this coin will come up tails.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 3

If a market is narrowly defined, the market share of each firm declines than if it is broadly defined.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 4

A household consists of only related family members like a father, mother, and children and not unrelated members like two students sharing a rented apartment.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 5

Behavioral economists use findings from psychology to explain complex consumer behavior that cannot always be explained by traditional economic models.
 a. True
  b. False
  Indicate whether the statement is true or false