Answer the following statements true (T) or false (F)
1. In the foreign exchange market, if Americans significantly increase their investments in securities in British financial markets, one effect is that the dollar will tend to depreciate against the pound.
2. If the organizers of a major sports event set the ticket price above the equilibrium level, then scalping will develop in a secondary market for tickets.
3. The presence of ticket scalpers in popular events like concerts will hurt consumers who buy from the scalpers.
4. In cases where sellers have a fixed number of units of a product to sell, the supply curve will be horizontal.
5. In cases where the supply curve is vertical, any change in demand will cause only a change in price but no change in quantity.
1. TRUE
2. FALSE
3. FALSE
4. FALSE
5. TRUE
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The greatest difficulty with cost-benefit analysis of a public project is determining
a. whether government revenue is sufficient to cover the cost of the project. b. which contractor should be awarded the project. c. the cost of the project. d. the value or benefit of the project.
In Figure 5.1, the difference between total costs and variable cost is:
A. average total cost. B. fixed cost. C. total costs are positive when output is zero implying fixed costs. D. All of these.
Suppose buyers in the used car market are willing to pay $6,000 for a plum (high-quality) used car and $3,000 for a lemon (low-quality) used car. If buyers believe that 75% of the used cars on the market are lemons (low quality), what would they be willing to pay for a used car?
A. $4,250 B. $4,000 C. $3,750 D. $3,500
Refer to the data provided in Table 9.3 below to answer the following question(s). Table 9.3qTFCTVCTCMCAVCATC0$100 $0$100 ---- -- 1100401404040 140 21006016020 30 80 31009019030 30 63.334100124 224 343156 5100180 280 56 36 56 6100 264 364 84 44 60.677100 372 472 108 53.14 67.43Refer to Table 9.3. The lowest output this firm would produce before shutting down is ________ units.
A. 1 B. 2 C. 3 D. 4