Economic models are often expressed in
a. equations.
b. words.
c. graphs.
d. physical objects..
c
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Which sum of money most adequately represents the value someone places on the works of Shakespeare? The sum they would be willing to pay to
A) purchase a set of Shakespeare's complete works. B) purchase a set of Shakespeare's complete works if they did not already own a set. C) purchase a set of Shakespeare's complete works if they did not have ready access to a set. D) purchase a set of Shakespeare's complete works if they had no other way to obtain access to the complete works. E) purchase a set of Shakespeare's complete works if they had no other way to obtain copies of any of them to read.
The latest model car in the dealer's showroom has a sticker price of $35,000.00. Fred, the shopper, has decided that he would pay no more than $32,000.00 for the car
After two hours of bargaining with the saleswoman, Fred actually purchases the car for $31,000.00. Fred, therefore, has obtained a consumer surplus of A) $35,000.00. B) $32,000.00. C) $4,000.00. D) $1,000.00.
Which of the following policy measures prohibited compliance officers from being involved in producing or selling credit ratings?
A) the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 B) Sarbanes-Oxley Act of 2002 C) Global Legal Settlement of 2002 D) Gramm-Leach-Bliley Act of 1999 E) Riegle-Neal Act of 1994
Both Economist Flores and Economist Jenkins have been monitoring the cucumber market and have noted that the equilibrium price of cucumbers and quantity of cucumbers sold have risen over the last year. Flores and Jenkins, however, disagree about why
this change has occurred. Flores holds that both supply and demand have increased and that the shift in demand has been greater than the shift in supply. Jenkins, however, argues that while demand has increased, supply has decreased and the shift in supply is greater than the shift in demand. Which economist offers the most feasible theory of why the equilibrium price and quantity of cucumbers have risen? Please provide the best answer for the statement.