Shelby said to her friend, "I just bought a new pair of climbing shoes and I love them so much that I totally would have paid more for them." Shelby was describing the concept of
A) consumer surplus.
B) producer surplus.
C) equilibrium.
D) marginal cost.
E) total surplus.
A
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What will be an ideal response?
The establishment of the Euro as a unit of account in 1999 meant that from then on the currencies of the participating countries traded at a fixed rate, until the Euro completely replaced these currencies in the year 2002
(a) How would the inflation rates of these countries have to had been in these transition years for PPP to hold? (b) If the inflation of Italy was twice as high as that of Germany a year between 1999 and 2002, what can we say then about the Italian lira against the German mark? (c) What does the concept of PPP thus tells us about what needs to happen for such this monetary agreement to work for a long period of time?
A change in the ceteris paribus conditions for supply will lead to a
A) change in quantity supplied. B) change in supply. C) change in quantity supplied and a change in supply. D) change in how consumers view the quality of the good.
If the slope of a straight line is 5 and if X (the variable on the horizontal axis) increases by 4, then Y (the variable on the vertical axis) will
A. increase by 20. B. increase by 0.8. C. decrease by 20. D. decrease by 0.8.