I prefer 10 apples and 6 oranges to 9 apples and 3 oranges. This is an example of
A. transitivity.
B. more is better.
C. convexity.
D. completeness.
Answer: B
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Refer to the above figure. If the government imposes a price ceiling of $60
A) the quantity traded will be 150, and the price will be $40. B) the quantity traded will be 100, and the price will be $60. C) the quantity traded will be 200, and the price will be $60. D) the quantity traded will be 150, and the price will be $60.
Typically, economists expect oligopolistic behavior on the part of the firms when the four-firm concentration ratio is ______ or higher
a. 10 percent b. 25 percent c. 40 percent d. 60 percent e. 90 percent
Jennifer took out a fixed-interest-rate loan when the CPI was 100 . She expected the CPI to increase to 103 but it actually increased to 105 . The real interest rate she paid is
a. higher than she had expected, and the real value of the loan is higher than she had expected. b. higher than she had expected, and the real value of the loan is lower than she had expected. c. lower than she had expected, and the real value of the loan is higher than she had expected. d. lower then she had expected, and the real value of the loan is lower than she had expected.
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this were depicting an autarky economy, the equilibrium price would be:
A. $23 B. $11 C. $45 D. $16