Christopher needs to hire an accountant but does NOT know how to find a good one. The accountant can best be regarded as a(n)
A. experience good.
B. credence good.
C. inferior good.
D. search good.
Answer: B
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A housing shortage results when
A) a tax is imposed on housing. B) a rent ceiling below the equilibrium rent is imposed. C) a rent ceiling above the equilibrium rent is imposed. D) rents rise. E) a rent floor below the equilibrium rent is imposed.
Tom and Di grow tomatoes and turnips. Tom has a comparative advantage in growing tomatoes if ________
A) Tom can grow more tomatoes than Di can B) his opportunity cost of tomatoes is less than Di's opportunity cost of tomatoes C) his opportunity cost of tomatoes is less than his opportunity cost of turnips D) his marginal benefit from tomatoes is greater than Di's
If the nominal interest rate is 7 percent and the inflation rate is 3 percent, then the real interest rate is
A. 7 percent.
B. 4 percent.
C. ?3 percent.
D. ?7 percent.
A monopolist that fails to recover a short-run loss in the long run generally leaves the market
Indicate whether the statement is true or false.