The graph shows the market for holiday condos in West Palm Beach. The equilibrium rent is ________ a week
A) any amount less than $1,550
B) any amount greater than $1,550
C) $1,550
D) $4,000
E) None of the above answers is correct.
C
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Indifference curves shift or rotate
A) only when income changes. B) only when prices change. C) when either income or prices change. D) with none of the above because changes in income and prices do not shift indifference curves.
Mika takes out a personal loan from her bank so that she can replace her furnace. From that point forward, Mika writes her bank a check for $150 every month until the loan has been satisfied. Mika’s payments demonstrate how money acts as a ______.
a. unit of account b. store of value c. medium of exchange d. means of deferred payment
Recall the Application about the impact inflation has on your potential future salary and the repayment of student loans to answer the following question(s).According to this Application, if you earn a salary of $40,000 in the first year and all prices triple in the next year. How will this affect the time it takes to pay off your school loans, assuming that you put all your earnings into paying it off? Assume that your debt is $40,000.
A. It will cut the payoff time to 1/3 of the original time. B. It will cut the payoff time to 1/2 of the original time. C. It will cut the payoff time to 2/3 of the original time. D. It will triple your payoff time.
An economic activity in which benefits or costs affect third parties is called
A. a third-party good. B. an externality. C. the exclusion principle. D. a public good.