Assume the market for used single-family homes is initially in equilibrium. All else constant, an increase in home foreclosures would cause equilibrium price and quantity to decrease
Indicate whether the statement is true or false
FALSE
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Sam spends all of his income on textbooks and hot dogs. The price of a textbook is $40 and the price of a hot dog is $0.50
If Sam is maximizing his utility and the marginal utility he derives from the last textbook he purchases is 400, then the marginal utility he derives from his last hot dog purchased must be A) 400. B) 10. C) 5. D) 20.
An income statement shows a firm's revenue, costs, and profit
A) since the firm has been in operation. B) for the firm's fiscal year. C) only if the firm is earning an accounting profit. D) for a particular day.
Factors that strongly influence a nation’s level of trade are:
a. its geographic size, geographic location, and history of trade. b. the size of its economy, the number of people, and its history of trade. c. the size of its economy, its geographic location, and its history of trade. d. the value of products, its geographic location, and its history of war.
In 2011, the average American earned about $48,000 while the average Nigerian earned about $1,200 . Which of the following statements is likely?
a. The average American purchases more televisions than the average Nigerian. b. The average American has better nutrition and healthcare than the average Nigerian. c. The average American has a longer life expectancy than the average Nigerian. d. All of the above are correct.