Referring to Figure 18.3, the effect of an increase in Japanese interest rates is represented by a movement from point:
A. c to d.
B. b to a.
C. d to c.
D. d to a.
Answer: C
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The determinants of price elasticity of demand include:
A. availability of substitutes, cost relative to benefit, and scope of market. B. degree of necessity, cost relative to income, scope of market, and adjustment time. C. availability of complements, cost relative to income, and scope of market. D. cost relative to income, scope of demand, and adjustment time.
The Consumer Product Safety Commission (CPSC) was established in:
a. 1887. b. 1931. c. 1934. d. 1972.
Which of the following provides the best example of the winner's curse?
a. Sports teams bidding on free agents of uncertain abilities. b. Loyal consumers buying six packs of a popular soft drink at the grocery store. c. Employers paying skilled and experienced workers with considerable job tenure a premium wage. d. An investor estimating the value of his fixed deposit.
Comparing a set of feasible alternatives and picking the best one is an optimization process called? _________.
A. statistical inference B. likelihood estimation C. cost-benefit analysis. D. normative analysis.