Which of the following is true of markets?
a. Markets help to acquire a specialized set of skills and use the pay to buy goods and services
b. Markets allow consumers to consume only those goods they can produce.
c. Markets are based on reciprocity and require a mutual coincidence of wants between traders.
d. A market is a cashless economic system in which services and goods are traded at negotiated rates.
a
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As a consumer you believe yourself to act rationally, optimally and self-interestedly. You like ice cream and value a pint at $7 . Usually you buy a pint each week at $4 . This week however, the price jumped to $5 a pint. What would you do?
a. buy the ice cream since the price is still below your maximum willingness to pay b. buy the ice cream since even at the new price it gives you a positive amount of consumer surplus c. not buy the ice-cream since the price is now higher d. both A&B
In the "Prisoners' Dilemma" game:
a. both players have a dominant strategy not to confess. b. only one player has a dominant strategy to confess. c. both players have a dominant strategy to confess d. neither player has a dominant strategy.
Which of the following is most likely to be a major source of growth in per capita GDP?
a. a high investment/GDP ratio b. a high rate of inflation c. rapid population growth d. rapid growth in the money supply
If the quantity of labor supplied increases by 5 percent when the wage increases by 10 percent, the elasticity of labor supply is:
A. 5. B. 2. C. 1/2. D. 1/5.