Related to the Economics in Practice on page 218: A study discussed in the Economics in Practice found that NFL teams tend to ________ for the top pick in the annual player draft in terms of trades they make, ________ player productivity.
A. overpay; underestimating
B. overpay; overestimating
C. underpay; overestimating
D. underpay; underestimating
Answer: B
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Answer the following statement(s) true (T) or false (F)
1. A rise in absolute prices guarantees that relative prices will rise as well. 2. If the relative price of a gallon of water in terms of milk increases from 1 gallon to 1.5 gallons of milk, then the relative price of milk has fallen. 3. If all absolute prices increase by 10%, then the economy's relative prices will remain unchanged. 4. An increase in the price of gasoline relative to telephones will cause inflation. 5. When silk is shipped from China to Atlanta, transportation costs will make the price of high-quality silk relative to low-quality silk higher in Atlanta than in China
A decrease in the demand for loanable funds and a leftward shift of the demand for loanable funds curve results from
A) an increase in the real interest rate. B) technological improvements. C) tax cuts. D) decreases in the expected profit.
In monopolistic competition, each firm's marginal revenue curve has a ________ and its demand curve has a ________
A) slope equal to zero; slope equal to zero B) slope equal to zero; negative slope C) negative slope; a slope equal to zero D) negative slope; negative slope
Willingness to pay
a. measures the value that a buyer places on a good. b. is the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept. c. is the maximum amount a buyer is willing to pay minus the minimum amount a seller is willing to accept. d. is the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.