The portion of income which is earned in the form of wages for labor is about
a. 15%
b. 35%
c. 51%
d. 60%
d
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If the Chinese government sets a price ceiling below the equilibrium price, the result will be I. an increase in the quantity demanded. II. a decrease in the quantity supplied. III. a shortage
A) I only B) I and II only C) III only D) I, II, and III
Hedge funds require large minimum investments ranging from ________ to ________ or more
A) $100,000; $1 million B) $1000; $10,000 C) $100; $1000 D) $$10,000; $25,000
Bert and Ernie are noncolluding oligopolists. If both choose a high price strategy, each makes $40 in profits; if both choose a low price strategy, each makes $30 in profits. If Bert chooses a high price strategy and Ernie chooses a low price strategy, Bert makes $20 in profits and Ernie makes $60 in profits, while if Bert chooses a low price strategy and Ernie chooses a high price strategy, Bert
makes $60 in profits and Ernie makes $20 in profits. Which combination of pricing strategies would you expect Bert and Ernie to adopt if they act independently? a. Both choose a high price strategy. b. Both choose a low price strategy. c. Bert chooses a high price strategy and Ernie chooses a low price strategy. d. Bert chooses a low price strategy and Ernie chooses a high price strategy.
Bonnie gets her hair cut at her usual salon and is very happy with the results. Later that afternoon, she goes to the mall and sees that a hair salon is giving away free haircuts only on that day. If Bonnie does not take advantage of the giveaway, it is because the
a. marginal utility of another haircut would be zero or negative b. marginal utility of another haircut would increase c. marginal utility of another haircut would be zero or positive d. total utility of both haircuts would be zero or negative e. total utility of both haircuts would be higher than just one haircut