Table 14.3Table 14.3 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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In the figure above, the curve going through point A represents
A) an upward-sloping demand curve. B) the line of equality. C) the wage curve. D) the Lorenz curve.
Jack's Lock and Key is considering remodeling. It estimates that the remodeling will cost $6,000 and that as a result revenues will rise by $3,000 the first year, $2,500 the second year, $1,500 the third year and have no effect after then. If the interest rate is 5%, should Jack's remodel? Defend your answer by showing your work
The time that elapses between the implementation of a policy and its intended result is referred to as
A) the action time lag.
B) the recognition time lag.
C) the effect time lag.
D) the data lag.
The United States' comparative advantage over Japan in the production of rock-n-roll music implies that (for a similar quality of music) the
A) opportunity cost of production is less in Japan. B) absolute cost of production is less in the United States. C) absolute cost of production is less in Japan. D) opportunity cost of production is less in the United States.