Making a decision at the margin is __________ an all-or-nothing decision
A) consistent with
B) inconsistent with
C) the same as making
D) conditioned upon making
B
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Refer to the scenario above. Tom should submit a bid of ________
A) $150 B) $250 C) $112.50 D) $200
Suppose there is currently a surplus of wheat on the world market. The problem of excess supply may be removed from the market by:
A) lowering the market price. B) shifting the supply curve leftward. C) shifting the demand curve leftward. D) Both A and B are plausible actions.
Suppose Smith wants one iPhone no matter what the price is between $0 and $350, Jones wants one iPhone no matter what the price is between $0 and $200, and Griffith wants one iPhone no matter what the price is between $0 and $450. In this case, each individual buyer's demand curve will be __________________ and the market demand curve will be __________________
A) downward sloping; vertical B) vertical; downward sloping C) vertical; vertical D) downward sloping; downward sloping
If someone asked you to predict the price of gas in a month, and you decided to just guess by adding a few cents to the current price of gas, which you know, your answer would exhibit:
A. rational expectations. B. time inconsistency. C. anchoring. D. transitivity.