The United States has never suffered through periods of hyperinflation in its history.
Answer the following statement true (T) or false (F)
True
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Economists use the ceteris paribus assumption primarily in order to
A) make their analyses easier for them to conduct. B) designate what they believe is the correct relationship between two variables. C) explain why people sometimes consume more of a good when its price rises. D) explain why those things that come first do not necessarily cause those things that come later. E) designate the difference between normative and positive economics.
Which of the following terms is used to describe a situation in which the price of an asset rises above what appears to be its fundamental value?
a. "random walk" b. "random bubble" c. "speculative bubble" d. "speculative hedge"
Single-owner proprietorships often unintentionally exaggerate their profits because they
A. look at after-tax instead of pre-tax costs. B. neglect to consider the opportunity cost of the owner's labor. C. pay their bills late and therefore incur large interest charges. D. forget their explicit losses.
Which of the following is true regarding price discrimination?
i. It converts consumer surplus to economic profit. ii. A price discriminator must be a monopoly. iii. To be able to price discriminate, the firm must be able to identify different types of buyers. A) i and ii B) i and iii C) ii and iii D) ii only E) i, ii, and iii