Jack buys a computer from Sam, knowing fully well that the technology used in it is obsolete. In this case, the trade is
A. beneficial to both parties.
B. beneficial only to Sam.
C. beneficial only to Jack.
D. not beneficial to either of them.
Answer: A
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In cities with rent controls, the actual rents paid can be ________ than the legal maximum. One explanation for this is because there is a ________ of apartments, tenants are ________
A) higher; surplus; often forced to pay rents higher than the law allows B) lower; shortage; rarely willing to pay rents lower than the law allows C) lower; surplus; never willing to pay rents below the legal maximum D) higher; shortage; often willing to pay rents higher than the law allows
Which of the following is true of trade embargoes?
A. Trade embargoes refer to import bans on tangible goods, but not on services. B. Embargoes are discriminatory restrictions or bans on economic exchange. C. Unlike other trade restrictions, a trade embargo does not harm the imposing country. D. A trade embargo refers to a uniform tariff being imposed on all imported products by a country.
Which of the following is true for the law of supply?
A. Buyers decrease the quantity of a good purchased as price increases.
B. Sellers increase the quantity of a good supplied as price increases.
C. Price decreases as more units are supplied.
D. A decrease in price results from more demand.
(Last Word) Participation in company retirement savings programs has increased dramatically because:
A. participation was required by the company. B. enrollment in these programs was set as the default option and workers had to request to be unenrolled. C. not being enrolled in these programs was set as the default options, and people's aversion to being told what to do prompted many to request enrollment. D. endowment effects encourage greater saving.V