Refer to Figure 2-1. ________ is (are) inefficient in that not all resources are being used
A) Point A B) Point B C) Point C D) Points A and C
A
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In stores, it is common to find seasonal products marked down when the season ends. What explains this behavior?
A) The store is trying to increase its customers' demand for the product. B) The store manager must be trying to drive away customers by selling low quality products. C) The store is trying to sell the goods and realizes that they are substitutes for other goods whose prices have risen. D) The law of demand is being used to increase the quantity demanded. E) The store is trying to increase its consumers' incomes by increasing their purchasing power.
Stockholders are the owners of which type of business?
A) corporations B) sole proprietorships C) partnerships D) all of the above
Some suggest that many New York taxi drivers set an income goal for the week and finish work once they have achieved that goal. Since the effective hourly wage is higher on busy days, choosing to stop working when a particular income goal is reached is:
A. consistent with an upward-sloping labor supply curve since the quantity of labor supplied is higher when the wage is higher. B. consistent with an upward-sloping labor supply curve since the quantity of labor supplied is lower when the wage is higher. C. inconsistent with an upward-sloping labor supply curve since the quantity of labor supplied is higher when the wage is higher. D. inconsistent with an upward-sloping labor supply curve since the quantity of labor supplied is lower when the wage is higher.
People who are the most willing to pay high interest rates for loans may have bad credit ratings. This is an example of:
A. moral hazard. B. an experience rating. C. adverse selection. D. a negative spillover.