Which of the following statements is true?
A) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as with a stock clearance sale.
B) Economics is a social science that studies the trade-offs we are forced to make because resources are unlimited.
C) Every individual, no matter how rich or poor, is faced with situations that require trade-offs.
D) Any time you have to decide which action to take you are experiencing economic equity.
C
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Other things constant, if the demand for computer scientists rises,
a. the wages of computer scientists will tend to fall. b. employment of computer scientists will tend to rise. c. there will be a surplus of computer scientists. d. there will be a shortage of computer scientists.
Which of these has the most elastic demand?
A. Filet Mignon steak B. Bread C. Heart medicine D. Insulin (diabetes medicine)
Suppose a one-year discount bond offers to pay $1000 in one year and currently sells for $950. Given this information, we know that the interest rate on the bond is
A) 5.3%. B) 9.5%. C) 10%. D) 90%. E) 110%.
Given the demand curve in this graph, if price were $2.00, how much quantity would be purchased?
A. 1 unit
B. 2 units
C. 3 units
D. 4 units