Which of the following would most likely lead to discrimination with landlords?
a. rent fluctuating around equilibrium price
b. rent at equilibrium price
c. rent above equilibrium price
d. rent below equilibrium price
d. rent below equilibrium price
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Refer to Table 2-7. What is Mickey's opportunity cost of making a hat?
A) 1/10 of an umbrella B) 1/5 of an umbrella C) 5 umbrellas D) 10 umbrellas
A patient has a medical condition, but he doesn't know what it is. The physician he sees diagnoses his illness correctly. What term applies to this situation?
a. Principle-agent problem. b. Rational ignorance. c. Externalities. d. Asymmetric information e. The substitution effect.
Imagine that there are only two nations in the world, the United States and Mexico. If Americans buy more goods made in Mexico, other things constant, the
a. U.S. demand curve for Mexican pesos will shift rightward b. U.S. demand curve for Mexican pesos will shift leftward c. U.S. supply curve of Mexican pesos will shift leftward d. U.S. supply curve of Mexican pesos will shift rightward e. U.S. supply curve of Mexican pesos will shift upward
Suppose that the U.S. can make 15 cars or 20 bottles of wine with one year's worth of labor. France can make 10 cars or 18 bottles of wine with one year's worth of labor. From these numbers, we can conclude
a. the U.S. has a comparative advantage in the production of cars. b. France has a comparative advantage in the production of wine. c. the U.S. has a absolute advantage in the production of wine. d. all of the above are conclusions are correct.