The first bankers were
A) sheriffs.
B) goldsmiths.
C) clergy.
D) innkeepers.
E) economists.
B
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Mister Jones was selling his house. The asking price was $220,000, and Jones decided he would take no less than $200,000. After some negotiation, Mister Smith purchased the house for $205,000. Smith's consumer surplus is
A) $5,000. B) $15,000. C) $20,000. D) not able to be calculated from the information given.
An economy in which output has decreased and prices have increased would suggest that there has been a:
A. negative demand side shock. B. negative supply side shock. C. positive demand side shock. D. positive supply side shock.
You have the option of consuming one can of soda or two cookies or three oranges. You picked the can of soda. Therefore the opportunity cost of this can of soda is
A) the price of the can of soda. B) the difference in the prices of these three products. C) the price of the cookies as they are not usually consumed with soda. D) either the cookies or the oranges, whichever you like more.
Which of the following would be an example of basic research?
A. Studies of the atmosphere on Neptune B. Research into gene therapy to treat Alzheimer's disease C. A pharmaceutical company's research into a chemical compound that could reduce the growth rate of cancer cells D. Studies of circuit miniaturization for applications in computers