A consumer has $40 that he wants to spend. He is faced with four options: a camera that costs $60, a cell phone that costs $150, a book that costs $10, and a Bluetooth speaker that costs $45
Which of the following is a feasible option for the consumer? A) The book
B) The camera
C) The cell phone
D) The Bluetooth speaker
A
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If property rights are not clearly defined and enforced, then
A) incentives for specialization based on comparative advantage are weakened. B) some potential gains from specialization and trade are lost. C) resources are devoted to protecting possessions rather than to production. D) All of the above answers are correct.
If both demand and supply increase, but demand increases more than supply,
a. equilibrium price will fall. b. equilibrium price will rise. c. quantity sold will decrease. d. both the equilibrium price will fall and the quantity sold will decrease.
Which statement is true?
A. The supply of loanable funds is less elastic than the supply of land. B. The supply of loanable funds is more elastic than the supply of land. C. The supply of loanable funds is as elastic as the supply of land.
One empirical prediction from the model which includes government purchases is that
a. permanent changes in real government purchases increase real GDP. b. permanent changes in nominal government purchases increase nominal GDP. c. permanent changes in real government purchases decrease real GDP. d. permanent changes in real government purchases have little impact on real GDP.