Table 9.3 represents 3 markets for used stereos. Which of the markets in Table 14.3 are NOT in equilibrium?
A. 1 only
B. 2 only
C. 3 only
D. 1, 2, and 3
Answer: D
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If Jessie studies economics for two hours instead of going to the movies with her friends, then
A) the benefit of studying is the missed movie. B) the opportunity cost of studying is the missed movie. C) Jesse definitely is making a rational choice. D) Jessie is ignoring a sunk cost. E) Jessie is not responding to any incentives.
Refer to Figure 3-13. Suppose Peru decides to increase its production of emeralds by 2. What is the opportunity cost of this decision?
a. 30 rubies b. 40 rubies c. 60 rubies d. 120 rubies
The resource market is different from the product market because
a. in the resource market, firms don't maximize profit b. in the resource market, households don't maximize utility c. in the resource market, firms are demanders and households are suppliers d. supply and demand do not apply in the resource market e. supply and demand do not apply in the product market
Status-quo bias is:
A. a person's choice being influenced by others' opinions. B. a reluctance to make active decisions to change something, even if it is fairly easy to do so. C. not overcome in the SMarT program because saving is not the default option. D. All of these statements are true.