Refer to the scenario above. Which investment option will a risk-seeking individual choose?
A) He will choose to invest in Option A.
B) He will choose to invest in Option B.
C) He will choose to invest in Option C.
D) He will be indifferent in investing in any of the three options.
A
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When the price of a pizza decreases from $14 to $12
A) the income effect means people buy less pizza. B) the income effect points out that the total purchasing power of people who buy pizza increases. C) the income effect means that the demand for pizza will not change. D) None of the above answers is correct.
For each watch Denmark produces, it gives up the opportunity to produce 50 pounds of cheese. France can produce two watches at a cost of 150 pounds of cheese. Which of the following is true?
a. Denmark has a comparative advantage in producing both watches and cheese. b. France has a comparative advantage in producing both watches and cheese. c. France has the comparative advantage in producing watches. d. Denmark has the comparative advantage in producing watches. e. Denmark has the comparative advantage in producing cheese.
The cost of producing a hardback book is only about 20 percent higher than producing a paperback book, yet the hardback price is typically three times the paperback price. This suggests that demand for paperback books is ________ than demand for hardback books.
A. more elastic B. less elastic C. more variable D. lower
According to the Bureau of Labor Statistics, to be officially unemployed a person must:
A. be in the labor force. B. be 21 years of age or older. C. have lost a job. D. be waiting to be called back from a layoff.