What happens when you make a purchase using a credit card?
(A) The money is immediately deducted from your account.
(B) The amount of the purchase is deducted from a prepaid account.
(C) The credit card issuer pays the store.
(D) The place where you made the purchase receives the money within 24 hours.
Answer: The credit card issuer pays the store.
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Which of the following are true about functions in the duality picture:
A. Compensated demand functions are homogeneous of degree zero in prices. B. Uncompensated demand functions are homogeneous of degree zero. C. Expenditure functions are homogeneous of degree zero. D. Both (a) and (b). E. Both (b) and (c). F. Both (a) and (c). G. All of the above. H. None of the above.
At a Nash equilibrium, each player in a game is said to be doing as well as he can given the actions of his competitor
a. True b. False Indicate whether the statement is true or false
Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive.
If the market supply curve is given by S3, then what will happen to the market supply curve in the long run?
A. It will shift to S1. B. It will shift to S2. C. It will stay at S3, but the quantity supplied will increase. D. It will stay at S3, but the quantity supplied will decrease.
Suppose earnings are given by E = $60 + $7(24 ? L), where E is earnings and L is the hours of leisure. What is the price to the worker of consuming an additional hour of leisure?
A. $24 B. $12 C. $7 D. $10