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Mehmet and semra went to a movie but were soon bored

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160.Mehmet and Semra went to a movie but were soon bored with it. Semra wanted toleave. Mehmet did notwant to leave because they had already paid for their tickets,which would be wasted if they left before the movie was over. What psychologicalfactor associated with behavioral economics explains Mehmet's behavior?A)a framing biasB)a sunk cost fallacyC)overconfidenceD)altruism
161.Ramiro has been an accounting major for three years, but he is not doing very well inhis courses. He has, however, done very well in his law courses, but he doesn't want tochange his major to law because he has already spent three years as an accountingmajor. He does not want to feel like he wasted those three years. Ramiro is subject to:
162.Facing budget cuts, the Pentagon announced its decision to close a local army base. Thecongressman from the district in which the base is located argued against closing it,saying that the $1.3 billion dollars spent to build it would be wasted if it was closed.This argument is an example of:Page 40
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Exploring Macroeconomics
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163.Marc and Jay spent $850 each for Super Bowl tickets. Unfortunately, the game was ablowout, and both of them were bored by halftime. Marc wanted to leave to attend aparty, but Jay refused to leave early because they had paid so much for the tickets. Jay issubject to:
164.The local school district wants to close down a neighborhood high school because itsoutdated heating and cooling systems make it too expensive to operate compared to thenew high school being built nearby. Parents who are against closing the neighborhoodschool argue that the $2 million dollars spent refurbishing the school over the last fewyears will be wasted if the school is shut down. This argument is an example of:A)a sunk cost fallacy.B)a framing bias.C)overconfidence.D)altruism.
165.Sara hired a marketing specialist to help her promote her small business. However, thespecialist's ideas are not working, but Sara is reluctant to abandon them because shepaid so much money to the consultant. Sara's reluctance to abandon the bad ideas is anexample of:

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Exploring Macroeconomics
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Chapter 1 / Exercise 03
Exploring Macroeconomics
Sexton
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