The figure below shows the supply and demand curves for jeans in Smallville. 
At the price of $60 per pair, sellers offer _____ pairs of jeans per day, and buyers wish to purchase ________ pairs of jeans a day.
A. 8; 24
B. 16; 16
C. 24; 8
D. 60; 20
Answer: C
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The time value of money can be best described as
A) a dollar today is worth more than a dollar tomorrow. B) the basis on which net present values are calculated. C) the basis on which internal rates of return are calculated. D) All of the above
If you are willing to purchase a house for $300,00 . and you purchase the house for $275,000 . this transaction will generate:
a. There is no surplus created b. $25,00 . worth of seller surplus and unknown amount of buyer surplus c. $10,00 . worth of buyer surplus and $15,00 . of seller surplus d. $25,00 . worth of buyer surplus and unknown amount of seller surplus
Public goods are
A. nondepleteable and nonexcludable. B. depleteable and excludable. C. nondepleteable but excludable. D. depleteable but nonexcludable.
The lion’s share of purchases and transactions in the U.S. economy are made with coins and paper money.
Answer the following statement true (T) or false (F)