Zach and Laura want to buy cars and go to the same dealer. The dealer perceives Zach's price elasticity of demand to be lower than Laura's. Which of the following statements will be true?
a. The dealer will quote the same price to both since individual characteristics do not matter.
b. The dealer will quote a higher price to Laura because of her gender.
c. The dealer will quote a higher price to Zach because his demand is less elastic.
d. The dealer will quote different prices to both according to their bargaining tactics.
C
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Kelly's marginal utilities for magazines and packages of gummy bears are listed in the table above. For Kelly, what is the total utility received from consuming 5 magazines?
A) 5 B) 20 C) 25 D) 255
Which of the following correctly describes the difference between aggregate output and aggregate demand?
a. Aggregate output is the relationship between the average price level and the quantity of all goods and services demanded, while aggregate demand is the total quantity of goods and services produced in the economy during a given time period, with other things constant. b. Aggregate output is the total quantity of goods and services produced in the economy during a given time period, while aggregate demand is the relationship between the average price level and aggregate output demanded, with other things constant. c. Aggregate output is that portion of the total quantity of goods and services sold through export sales, while aggregate demand is the remaining portion of the total quantity of goods and services sold domestically. d. Aggregate output is the total quantity of goods and services imported in to the economy during a given time period, while aggregate demand is the relationship between the general price level and aggregate output demanded, with other things constant.
Open market operations are conducted by the __________.
Fill in the blank(s) with the appropriate word(s).
An economic activity in which benefits or costs affect third parties is called
A. a third-party good. B. an externality. C. the exclusion principle. D. a public good.