If buyers expect future price increase, they will ___________ their purchases to avoid it. Similarly, sellers will __________ selling to take advantage of it
a. Accelerate; accelerate
b. Accelerate; delay
c. Delay; accelerate
d. Delay; delay
b
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If the world price for good A is above the domestic price for good A without trade, then consumer surplus will ________ and total economic surplus will ________ with trade.
A. increase; decrease B. decrease; increase C. decrease; decrease D. increase; increase
Which set of prices would you expect to see (posted, quoted) in a barter economy?
A) 1 horse = 10 pieces of gold; 1 kettle = 1 piece of gold B) 1 horse = 10 kettles; 1 kettle = 1/10 horse C) 1 horse = $200; 1 kettle = $20 D) 1 horse = 10 kettles; 1 kettle = 10 apples; 1 apple = 1 orange E) b and d
The _____ effect indicates that an individual's income can buy more of all goods when the price of one good declines, everything else held constant
a. scale b. endowment c. substitution d. price e. income
Equilibruim Quantity
What will be an ideal response?