Which of the following types of clothing would most likely be considered an inferior good?
a. imported dresses from a Swedish designer
b. secondhand designer clothing in a resale shop
c. a suit custom tailored for an individual
d. a tennis outfit bought from a high-end department store
b. secondhand designer clothing in a resale shop
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The major suppliers of U.S. dollars to the foreign exchange market are:
A. U.S. households or firms wishing to purchase foreign goods or assets. B. the Federal Reserve. C. U.S. households or firms wishing to purchase U.S. goods or assets. D. foreigners wishing to purchase U.S. goods or assets.
The equilibrium price in a market occurs where the:
A) market demand and the firms' average cost curves intersect. B) market supply and the firms' average cost curves intersect. C) market demand and the market supply curves intersect. D) market supply and the firms' revenue curves intersect.
In the simultaneous move labor negotiation game:
a. The payoffs are always higher if you accommodate b. The payoffs are always higher if you bargain hard c. The payoffs from accommodating are only higher if your opponent bargains hard d. The payoffs from accommodating are only higher if your opponent accommodates
The environmental problems of China is not caused by
A. a lack of central planning in the economy. B. the burning of low-quality, high-sulfur coal. C. a lack of pollution controls. D. the one-child policy of population control.