Consider the following game. You pick a card from a 52-card deck and each time you select a queen, you get $520. For all other cards pay $26. The expected value of the game is
A. -$24.
B. $0.
C. $16.
D. $64.
Answer: C
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If the opportunity cost of 1 wristwatch is 4 wall clocks in Japan and 2 wall clocks in Germany, it makes sense for Germany to produce wristwatches
Indicate whether the statement is true or false
For which of the following would the supply likely be most inelastic?
A) aircraft carrier B) canned soup C) toy airplane D) t-shirt E) bottled water
If there is currently a shortage of dollars, which of the following would you expect to see in the foreign exchange market?
A) The dollar will appreciate. B) There will be an increase in the supply of dollars. C) There will be an increase in the demand for dollars. D) The dollar will depreciate.
Voluntary exchanges generate:
A. surplus, leaving both participants better off than they were before. B. deadweight loss, leaving both participants worse off than they were before. C. deadweight loss, leaving at least one participant worse off than they were before. D. a transfer of surplus from one participant to another.