From the perspective of economic theory, property rights are
A) human rights.
B) just as important as human rights.
C) less important than human rights.
D) more important than human rights.
E) usually in conflict with human rights.
A
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The demand for cars in a certain country is given by: D = 20,000 - P, where P is the price of a car. Supply by domestic car producers is: S = 5,000 + 0.5P.If this economy is open to trade, and the world price of a car is $6,000, the domestic quantity demanded will be ________ and quantity supplied will be ________.
A. 14,000; 8,000 B. 12,000; 10,000 C. 12,000; 8,000 D. 8,000; 14,000
Explain why it is unwise to bid more than your valuation of the good in a sealed bid second-price auction
What will be an ideal response?
A Consumer Price Index adjustment overcompensates for inflation because it ignores
A) the income effect when relative prices change. B) the substitution effect when relative prices change. C) that some goods are inferior. D) that the substitution effect may offset the income effect.
Answer the following statement(s) true (T) or false (F)
1. The supply curve for the entire market looks like a staircase. 2. Total welfare gains are the difference between consumer and producer surpluses. 3. A deadweight loss is the reduction in both consumer and producer surpluses. 4. If consumers valued the last unit of a product by more than it cost to produce, then welfare could be increased by producing less output. 5. Sometimes innocent bystanders are impacted by the decisions of buyers and sellers.