Michael Dell was the first individual who sold computers by mail order. The company founded by Dell is now one of the largest and most successful computer companies in the United States. Michael Dell would be classified as a(n)
A. socialist.
B. monopolist.
C. entrepreneur.
D. opportunist.
Answer: C
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Refer to Table 16-3. Suppose Julie's marginal cost of providing this service is constant at $7 and she charges $7. What is the value of the consumer surplus enjoyed by her customers?
A) $39 B) $28 C) $11 D) $0
If a regional trading agreement causes products from member countries to replace imports from nonmember countries, then the regional trading agreement will experience:
a. economic gains. b. trade creation gains. c. trade diversion losses. d. trade perversion
Brandon is having difficulty deciding between two jobs, X and Y. As shown in the accompanying diagram, X entails a greater risk of injury than Y, but pays more. Ideally, Brandon would like a job that both pays well and does not entail a high risk of injury. 
If Brandon behaves like most decision-makers, then the addition of option Z would:
A. have no impact on his choice of X and Y. B. increase his likelihood of picking X. C. decrease his likelihood of accepting any job. D. increase his likelihood of picking Y.
The recognition lag is the length of time it takes between recognizing a problem and adopting a policy to address that problem.
a. true b. false