The situation in which a person places greater value on a good as fewer and fewer people possess it is called the
A) Bandwagon Effect.
B) Greater Value Effect.
C) Snob Effect.
D) Behavioral Effect.
C
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Refer to the table above. Country A has an absolute advantage in
A) beer. B) wine. C) both beer and wine. D) neither beer nor wine.
Which of the following provides the clearest example of human capital?
A) Automated equipment that can be used without any accompanying human labor B) Corporate stock owned by individuals and families rather than institutions such as mutual funds or corporations C) Machinery that has been designed and constructed by human beings D) Tools that cannot be used effectively except in combination with workers E) The ability to read
All of the following explain why purchasing power parity does not completely explain long-run fluctuations in exchange rates except
A) some countries impose barriers to trade. B) not all goods and services produced in any country are traded internationally. C) most countries have free markets with little, if any, government regulation. D) consumer preferences for goods and services differ across countries.
When buying a car from a dealership, to get the best bargain
a. Never stick to the first offer you make b. Allow room for bargaining c. Threaten to walk out if the dealer does not accept your offer d. Quote your highest willingness to pay