Total surplus in a market is equal to
a. value to buyers - amount paid by buyers.
b. amount received by sellers - costs of sellers.
c. value to buyers - costs of sellers.
d. amount received by sellers - amount paid by buyers.
c
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What are the economic functions of depository institutions?
What will be an ideal response?
Which firm is not dealing with adverse selection
a. a manufacturer forgoes a usual 90 day probationary period for new employees b. a temporary clerical agency requires a typing test c. a manufacturer requires suppliers to be ISO 900 . certified d. Smokers get the worse life insurance rates as non-smokers
Following the principle of comparative advantage, specialization:
a. permits greater levels of total production than would be attained without it. b. increases the dependency of countries on trade. c. both of the above. d. neither of the above.
Assume that running in a marathon increases a person's risk of dying from almost negligible to about 1 in 50,000. If people know this risk and still choose to run marathons, economists would most likely conclude that people:
A. are irrational. B. have self-control problems. C. place no value on their lives. D. place a finite value on their lives.