A high school student who voluntarily includes a writing sample with their college application is an example of:
A. statistical discrimination.
B. signaling.
C. screening.
D. building a reputation.
Answer: B
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As the price level ________, the purchasing power of money ________
A) decreases; stays the same B) increases; decreases C) decreases; decreases D) increases; increases
Monetarists accept the idea that velocity is not constant; nonetheless, they believe that it is highly:
A. variable. B. unpredictable, ill-behaved, and independent of money supply. C. unpredictable, well-behaved, and dependent of money supply. D. predictable.
If the minimum that the Smith family would be willing to sell their house for is $185,000, but they in fact sell it for $210,000, they will receive:
A. producer surplus in the amount of $25,000. B. producer surplus in the amount of $210,000. C. consumer surplus in the amount of $25,000. D. consumer surplus in the amount of $210,000.
Which of the following is NOT an example of a transaction cost?
A) the enjoyment of owning the good B) the opportunity cost of time spent looking for stores that sold the good desired C) the cost of returning a defective product D) time spent bargaining over the price of a good