Uncertainties that are not quantifiable:
A. are factored into the price of an asset.
B. cannot be priced
C. are what we define as risk.
D. are benchmarks against which quantifiable risks can be assessed
Answer: B
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Shelby said to her friend, "I just bought a new pair of climbing shoes and I love them so much that I totally would have paid more for them." Shelby was describing the concept of
A) consumer surplus. B) producer surplus. C) equilibrium. D) marginal cost. E) total surplus.
A monopolistically competitive industry has
A) significant barriers to entry. B) differentiated products. C) mutually dependent firms. D) a small number of large firms.
The price of milk increases dramatically, causing a 0.5 percent increase in the CPI. The price increase will most likely cause the GDP deflator to increase by
a. more than 0.5 percent. b. less than 0.5 percent. c. 0.5 percent. d. None of the above is correct; this particular price increase will not affect the GDP deflator.
Suppose there were three candidates running for office: Dewey, Cheatum, and Howe. Suppose a majority of voters preferred Cheatum to Dewey. Does this mean that a majority of voters preferred Howe to Dewey?
What will be an ideal response?