A tradesman who purchases diamonds in a country where the price is low and sells them in another country where the price is high, can be said to be practicing:
a. arbitrage.
b. speculation.
c. derivatives trading.
d. forecasting.
A
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In the above figure for a monopolistically competitive firm, the total cost at the profit-maximizing point is
A) $480. B) $400. C) $540. D) $880.
Suppose Jerry consumes three hamburgers at McDonald's one evening. He figured the last one was just worth the price he paid for it. If the hamburgers he buys have a price of $1, then
a. he earned no consumer surplus b. he would have earned consumer surplus if he had eaten one more hamburger c. he was irrational d. he may have earned consumer surplus on the first two hamburgers e. he earned $1 consumer surplus on the third hamburger alone
The Big Mac index compares:
A. the cost of a Big Mac all over the world. B. the cost of a typical basket for consumers all over the world. C. typical food costs, as food is the largest component of all consumption baskets. D. typical food and energy costs across different locations.
The sole owner of a unincorporated business unable to pay its debts:
a. may be sued by the people to whom the business owes money b. may be forced to pay them out of his own bank account c. may be forced to sell his personal property to pay those debts d. all of these are correct