If the price of gasoline increases significantly, then we'd expect the demand curve for large trucks and SUVs to:
A. Shift to the right
B. Shift to the left
C. Become upward-sloping
D. Not shift, but there will be a movement along that demand curve
Answer: B
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Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. He is willing to pay $200 for the dozen fish, but buys them for a total of $140. Marco's consumer surplus from the purchase is
A) $5. B) $60. C) $140. D) $200.
In order for a natural monopoly to develop, it
A. is important that the firm be very large. B. is important that the firm prices its product below cost. C. is not the absolute size of the firm but its size relative to the total market demand that is important. D. must be in the presence of government intervention.
Suppose Alice is deciding whether or not to go to a New York Giants game. Alice's enjoyment and thus decision, depends upon two uncertain events that are out of her control: whether the Giants win and whether it snows. She will be happiest if the Giants win and it does not snow. The newspaper reports a 35% chance for snow and the Giants record suggests a 40% chance of winning. The probability that the Giants win and that it does not snow is:
A. 75%. B. 5%. C. 26%. D. 35%.
Which of the following economies have the highest degree of economic freedom?
a. Hong Kong and Singapore b. Argentina and Brazil c. Germany and Italy d. Russia and Nigeria