When consumers have less information about a product than do sellers, then this is the situation of
A) asymmetric information.
B) rationality.
C) caveat emptor.
D) a market failure.
Answer: A
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Susan thinks the only fair outcome is one in which she has three slices of pizza a week. Susan is using a(n) ________ concept of fairness
A) "it's not fair if the result isn't fair" B) "it's not fair if the rules aren't fair" C) "big tradeoff" D) "Novak principle"
A rise in the real exchange rate is called
A) a real depreciation. B) a real appreciation. C) a real bargain. D) a real devaluation.
Which of the following is not a function of money?
a. Medium of exchange. b. Standard of deferred payment. c. Unit of account. d. Store of value. e. All of the above are functions of money.
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C