Table 14.3Table 14.3 represents 3 markets for used stereos. Which of the markets in Table 14.3 are in equilibrium?
A. 1 only
B. 2 only
C. 3 only
D. None of these
Answer: D
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A rational expectation of the inflation rate is
A) always correct. B) a forecast based on the forecasted actions of the Fed and other relevant determinant factors. C) a forecast based only on the historical evolution of inflation over the last 100 years. D) an expected inflation rate between 5 percent and 10 percent. E) an expected inflation rate between 1 percent and 5 percent.
At prices above a consumer’s reservation price:
A. the opportunity cost is less than the benefit from having the good. B. the opportunity cost is greater than the benefit from having the good. C. the buyer will purchase the good. D. the willingness to pay is greater than the price.
Jack, an outstanding high school baseball player, has to decide whether to sign a contract with a major league baseball organization or to go to college. If Jack is determining his opportunity costs to go to college instead, he would include
A. just the tuition and fees he would pay. B. the tuition and fees he would pay and the costs of books he must purchase. C. the tuition and fees he would pay, the costs of the books he must purchase plus the costs of room and board. D. the tuition and fees he would pay, the costs of books he must purchase, the extra costs of room and board to live on campus minus the income he would receive from playing professional baseball. E. the tuition and fees he would pay, the costs of books he must purchase, the extra costs of room and board to live on campus plus the income he would receive from playing professional baseball.
If a nation has the lowest opportunity cost of producing a good, that nation has a(n) ________ in the production of that good.
A. comparative advantage B. comparative advantage and an absolute advantage C. absolute advantage D. absolute advantage and possibly a comparative advantage