Which of the following goods is the most liquid?
A. House
B. Saving deposit
C. Painting by Monet
D. Antique sword from WWI
B. Saving deposit
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After the price of Revlon nail polish increased, Jen stopped buying Revlon nail polish and started buying a cheaper brand of nail polish instead. This is called:
A. a decrease in the seller's reservation price. B. the income effect of a price change. C. the substitution effect of a price change. D. a decrease in the buyer's reservation price.
Moral hazard and adverse selection are the result of
A) poorly functioning markets. B) government intervention. C) private information. D) treachery.
Assume that a monopolist practices perfect price discrimination. The firm will produce an output rate
A) that is greater than the efficient level of output. B) that is less than the efficient level of output. C) that is equal to the efficient level of output. D) that converts consumers surplus into a deadweight loss.
A depreciation of the exchange rate is most likely to be celebrated by ________
A) exporters B) consumers C) central bankers D) importers