Last year, Jane spent all of her income to purchase 200 units of corn at $5 per unit. This year, she spent all of her income to purchase 180 units of corn at $6 per unit
a. Jane's nominal income and real income decreased this year.
b. Jane's nominal income decreased this year, but her real income increased.
c. Jane's nominal income and real income increased this year.
d. Jane's nominal income increased this year, but her real income decreased.
d
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Deadweight loss is the decrease in ________ from producing an inefficient amount of a product
A) only consumer surplus B) only producer surplus C) consumer surplus and producer surplus D) profit
A European option can only be exercised on the final day, the expiration date
Indicate whether the statement is true or false
The estimated demand for a good is
= 4800 - 16P - 0.65M - 1.5PRwhere Q is the quantity demanded of the good, P is the price of the good, M is income, and PR is the price of related good R. The coefficient on P
A. is negative as dictated by the law of demand. B. violates the law of demand. C. should not be greater than one (in absolute value). D. should have the same sign as the coefficient on PR. E. both c and d
The Apple Watch was designed by Apple in the United States, manufactured in factories in Asia, and sold throughout the world. Many other firms, both American and foreign, began to try to develop alternatives to the Apple Watch. The Apple Watch is an example of American comparative advantage in:
A. consumerism. B. hand production. C. mass production. D. innovation.