In the used car market, the less-informed party is the ________. In the health care market, the less-informed party is the ________.
A. buyer; seller
B. seller; buyer
C. buyer; government
D. seller; government
Answer: A
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Let C = 300 + 0.9y and I = 125. The value of the multiplier is
A) 0.9. B) 9. C) 10. D) 27.
One popular definition of economics is the study of
a. how scarcity increases opportunities to meet ends. b. how markets overcome scarcity. c. one goal and three tasks. d. how to use limited means to meet unlimited wants. e. wants versus needs.
If we were to observe above-equilibrium wages in a particular labor market, then a possible explanation might be that
a. the theory of efficiency wages holds true for that market. b. there is a powerful labor union representing workers in that market. c. workers are largely unskilled and/or inexperienced and minimum-wage laws are effectively holding wages up in that market. d. All of the above are correct.
If Americans develop a greater appreciation for Mexican-made goods, we should observe the following change(s) in the U.S. dollar-peso market:
A. the demand curve for dollars shifts right. B. a movement down the supply curve of dollars. C. the supply curve of dollars shifts left. D. the demand curve for pesos shifts right.