Define the process of queuing
What will be an ideal response?
Queuing is the process of waiting in line as a means of distributing goods and services: a non-price rationing mechanism.
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When the price of a product falls, the income effect induces the consumer to purchase more of it while the substitution effect prompts her to buy less.
a. true b. false
Cars produced by General Motors in Mexico would be included in U.S. Gross domestic product.
Answer the following statement true (T) or false (F)
Jim, an avid biker, broke his leg last year and will never be able to use his bike again. He was offered $100 for it last year, but Jim refused to sell it, insisting it was worth more. A year later, he's offered only $75 for it, but Jim still refuses to sell it. Jim's behavior could be explained by:
A. substitution effect. B. limited processing power. C. the endowment effect. D. status quo bias.
Economy A: gross investment equals depreciation Economy B: depreciation exceeds gross investment Economy C: gross investment exceeds depreciation Other things equal, the information suggests that the production capacity in economy:
A. B is growing more rapidly than that in either economy A or C. B. A is growing more rapidly than that in either economy B or C. C. A is growing less rapidly than that in economy B. D. C is growing more rapidly than that in economy B.