If a local government gives out water filters to low-income families free of charge, the water filters are:
A. public goods.
B. private goods.
C. external goods.
D. spillover goods.
Answer: B
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Which of the following could explain why there was a stampede at the Richmond International Raceway where 1,000 laptops were being sold at $50 each?
A) Those who bought laptops at that price were those who valued laptops the most. B) The quantity of laptops demanded at $50 was higher than the quantity supplied. C) The demand for laptops is not very responsive to price. D) The price of $50 per laptop was above the equilibrium price of laptops.
Which of the following is TRUE regarding the real wage rate? The real wage rate
I. is always greater than the money wage. II. measures the quantity of goods and services an hour's work can buy. A) only I B) only II C) both I and II D) neither I nor II
The parameters of an econometric model _____.
A. include all unobserved factors affecting the variable being studied B. describe the strength of the relationship between the variable under study and the factors affecting it C. refer to the explanatory variables included in the model D. refer to the predictions that can be made using the model
In the used car market, the adverse selection problem refers to the fact that a buyer must choose a used car from an undesirable selection of cars.
Answer the following statement true (T) or false (F)