When economists describe "a market," they mean:
A. A place where stocks and bonds are traded
B. A communication network that allow individuals to keep in touch with each other
C. A hypothetical place where the production of goods and services takes place
D. A system that allows buyers and sellers to interact with one another
Answer: D
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Suppose there are 100 people with identical demand curves. When the price of a movie ticket is $8, the quantity demanded by each person is 5 tickets. When the price is $4, the quantity demanded by each person is 9 tickets. Which of the following is the most likely quantity demanded for the market as a whole when the price is $6?
a. 700 b. 1,200 c. 400 d. 1,000 e. 100
A scientist who is studying earthquakes includes the impact of wind when performing some tests of damages to structures. This is an example of
A. failing to hold all other things constant. B. failing to understand how to do scientific methodology. C. irrational behavior in noneconomic situations. D. accounting for every possible phenomena that may effect the problem under examination.
If logging companies are allowed to harvest on public lands, economists use present-value analysis to suggest that logging companies will
A. leave only the taller trees. B. leave the young trees for later. C. harvest all they can, as quickly as the can. D. harvest only the prettiest trees.
Hundreds of speculators conclude in May that the coming summer's corn crop will be much lower and that the November corn price will be consequently much higher than most people expect
When they act on their beliefs in the futures market, they would strive to ________ corn futures, which would tend to ________ the price of corn futures. A) sell; reduce B) sell; raise C) buy, reduce D) buy; raise