Which of the following decisions are complicated by the value of money changing over time?
A. Buying a $100 concert ticket
B. Buying a $100 stock
C. Buying a $100 sweater
D. Buying a $100 blender
B. Buying a $100 stock
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Andrew's utility of wealth schedule is given in the above table. Andrew is offered a job as a cook which pays $10,000. He is also offered a job as a server which will pay $5,000 if tips are poor and $15,000 if tips are good
There is a 50 percent chance that tips will be poor and a 50 percent chance that tips will be good. The expected income from the job as a cook is ________ and from the job as a server is ________. A) $10,000; $15,000 B) $5,000; $5,000 C) $10,000; $5,000 D) $10,000; $10,000
If merchants in the country Zed choose to close their doors, preferring to be stuck with rotting merchandise rather than worthless currency, then one can conclude that Zed is experiencing a
A) superdeflation. B) hyperdeflation. C) disinflation. D) hyperinflation.
Economist John Kenneth Galbraith has argued that most prices in the United States' mixed economy are set by
A. a government planning committee. B. the invisible hand. C. the nation's largest corporations. D. consumers voting with their dollars.
Figure 4-21
Refer to . The amount of the tax per unit is
a.
$10.
b.
$6.
c.
$4.
d.
$2.