Which of the following is an example of a zero-sum game?
a. Jill decides to buy a television set from Jack for $500.
b. Angela buys a jacket worth $30 from the apparel store near her apartment.
c. Rachel decides to buy Sarah's couch and is willing to pay whatever price Sarah might ask for it.
d. Joanna buys a camera at a Thanksgiving sale and gets a tripod free.
C
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The reserve ratio is 10 percent. If the bank receives a customer deposit of $100,000, then an immediate effect is
A) a reduction in the bank's total assets of exactly $10,000. B) no change in the bank's total assets or total liabilities. C) a reduction in the bank's total liabilities of exactly $10,000. D) an increase in the bank's reserves of exactly $10,000.
The opportunity cost of current consumption differs for borrowers and savers only if the interest rate for savers differs from the interest rate for borrowers.
Answer the following statement true (T) or false (F)
Once voting preferences become more complicated than those assumed by the median-voter theorem:
A. the policies preferred by the average voter become more important. B. the way in which votes are cast becomes important. C. economists cannot analyze voting preferences successfully. D. the politicians stay more extreme in their views.
Marginal cost is equal to average variable cost when average variable cost is
A. equal to total variable cost. B. at its minimum. C. at its maximum. D. zero.