The situation in which a person places greater value on a good as more and more people possess it is called the
A) Bandwagon Effect.
B) Greater Value Effect.
C) Snob Effect.
D) Behavioral Effect.
A
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In the above figure, CBL is the cost of breaking the law. If it is illegal to buy, but not illegal to sell, then the price per unit will be
A) $500. B) $400. C) $300. D) $200.
This factor contributes to the winner's curse
a. your estimate of the value of the object was the most optimistic b. your bid was not the highest c. there were not many other bidders you had to beat out d. you shaded your bid too much
Which of the following is the best definition of the minimum-wage rate?
a. a wage set through collective bargaining b. the wage that equalizes the quantity demanded and quantity supplied of labor c. a higher wage set in order to improve productivity d. an hourly wage floor set above the equilibrium wage
The expectations hypothesis cannot explain why:
A. short-term yields are more volatile than long term yields. B. yields on securities of different maturities move together. C. yield curves usually slope upward. D. long-term bonds usually are less liquid than short-term bonds with the same default risk.