"Ceteris paribus" means:
a. if events A and B occur together, one must cause the other
b. all relevant details are included
c. what is true for the individual must be true for the whole.
d. holding other things constant.
Answer: d. holding other things constant.
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Which of the following demonstrates the endowment effect?
A) If you received a good as a gift, you are less likely to attach a monetary value to the good. B) Isabella was not willing to part with her "Chris Hemsworth" poster although she was offered $100 for it, a sum greater than what it costs to purchase another such poster. C) Chris Hemsworth commands a premium in the movie industry because he is endowed with dashing looks. D) Whelan inherits a cottage in Cape Cod from his grandfather and is unwilling to sell it for sentimental reasons.
If K = 3000, n = 0.015, and d = 0.082, then investment of ________ will hold (Y/N) constant
A) 291 B) 201 C) 164 D) 549
Refer to the above figure. The figure represents the consumption function for a consumer. Point B represents
A) autonomous consumption. B) positive saving. C) negative saving. D) zero saving.
If the ice cream industry is a competitive price-taker market and all ice cream producers are earning zero economic profit, what will be the impact of an increase in the demand for ice cream?
a. Firms will exit the ice cream industry in the long run since they are earning zero economic profit. b. The firms will now be able to earn long-run economic profit assuming that barriers to entry remain low and new firms can enter the market. c. A shortage of ice cream will develop. d. The price of ice cream will rise initially, inducing the existing firms to expand output and new firms to enter the industry.