Which is NOT an example of signaling high quality in a social setting
a. wearing a business suit on a job interview
b. scrimping on the tip for the waiter after a dinner date
c. offering an expensive engagement ring to your bride
d. Visiting the beauty salon before a big date
b
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Suppose Dan is willing to pay a maximum of $3,000 for a piano, but finds one he can buy for $2,500. Dan's consumer surplus from this piano is
A) $5,500. B) $3,000. C) $2,500. D) $500. E) zero because he buys the piano.
Falling transportation costs in the 19th century
a. fostered regional specialization according to comparative advantage. b. created increasing lags for price declines along the Mississippi. c. propelled the process of western expansion. d. All of the above. e. Both a and c are correct.
A monopolist produces
a. more than the socially efficient quantity of output but at a higher price than in a competitive market. b. less than the socially efficient quantity of output but at a higher price than in a competitive market. c. the socially efficient quantity of output but at a higher price than in a competitive market. d. possibly more or possibly less than the socially efficient quantity of output, but definitely at a higher price than in a competitive market.
Are jobs the key to economic progress and the achievement of high income levels?
What will be an ideal response?