In order for consumers to make cost-conscious decisions, all of the following conditions are essential. Which one is not?
a. They must have knowledge of the product they are considering—its quality and price.
b. They must have money to spend.
c. They must be able to eliminate the uncertainty of their decision and choose the best outcome.
d. They must be able to capture the benefit of making a cost-conscious decision.
e. They must have the ability to measure and compare the relative value of their options.
c. They must be able to eliminate the uncertainty of their decision and choose the best outcome
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If the CPI rises from 206.7 to 212.7 between two consecutive years, by how much has the cost of living changed between these two years?
A) The cost of living has increased by 6%. B) The cost of living has increased by 12.7%. C) The cost of living has decreased by 6%. D) The cost of living has increased by 2.9%.
An increase in the saving rate results in a higher steady state ________
A) growth rate of capital B) growth rate of output per worker C) level of consumption per worker D) level of capital per worker
The market for used cars is shown in the above figure. Buyers cannot tell whether any given car is a lemon. Forty percent (40%) of all cars are lemons. Which of the following statements is true?
A) All of the cars will be sold. B) No cars will be sold. C) Only lemons will be sold. D) Ten percent of the used cars sold will be lemons.
Exports minus imports equal net exports
a. True b. False Indicate whether the statement is true or false