Related to the Economics in Practice on page 716: In the Kerala region of India, fishermen used cell phones to help connect buyers and sellers, reducing waste. All of the following describe ways in which technology is likely to improve information flow and increase economic efficiency except
A. fax technology makes it possible to transmit signed contracts in seconds, allowing the parties to the contract to begin performing their contract duties more quickly.
B. video conferencing decreases the need for expensive business travel.
C. e-mail now makes criminals who commit certain kinds of fraud very difficult to identify and arrest.
D. high-speed Internet connections allow engineers in developing countries to collaborate with firms all around the world.
Answer: C
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Mortgage loans made to borrowers with a more limited ability to repay are known as
A. subprime mortgages. B. credit default swaps. C. leveraged securities. D. mortgage-backed securities.
Whether a subsidy for a certain good is given to a demander or supplier is irrelevant because
a. in either case, the price that the demander has to pay will decrease; while the price the supplier receives will increase b. in either case, the price that the demander has to pay will increase; while the price the supplier receives will decrease c. either situation will create excess demand d. either situation will create excess supply e. none of these are correct
An early frost in the vineyards of Napa Valley would cause a(n)
a. increase in the demand for wine, increasing price. b. increase in the supply of wine, decreasing price. c. decrease in the demand for wine, decreasing price. d. decrease in the supply of wine, increasing price.
What are the key properties of indifference curves?
What will be an ideal response?