A table showing how much lemonade consumers are willing to buy at different prices would be best described as a
A. consumption table.
B. supply schedule.
C. demand schedule.
D. equilibrium table.
Answer: C
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Lucinda is deciding whether to enroll in an art school or a culinary school. The art school will cost $38,000 and the culinary school will cost $52,000
Lucinda estimates that the benefits from attending the art school will be $75,000 and the benefits from attending the culinary school will be $88,000. Based on these numbers, in which school should Lucinda enroll?
In which of the following cases can we be certain that a natural resource has become scarcer?
a. both the demand for the resource and the supply of the resource have increased. b. both the demand for the resource and the supply of the resource have decreased. c. the demand for the resource has increased and the supply has decreased. d. the demand for the resource has decreased and the supply has increased.
Ceteris paribus, if Americans decide they want to drive more German-made cars, this causes the ________ German currency to ________.
A. demand for; decrease B. supply of; increase C. supply of; decrease D. demand for; increase
You value your economics textbook at $10. Someone else values it at $25, and that person is willing to pay you $20 for your textbook. Would selling your textbook to this person for $20 be Pareto efficient?
A. Yes, because both of you are better off as a result of the trade. B. No, the person paid you $20 for the book so his net benefit was only $5, whereas your net benefit was $10. For this change to be Pareto efficient, each of you should have the same net benefit. C. Yes, because even though you gain from the trade and he loses, there is the potential for you to compensate him for his loss. D. No, because you did not receive the maximum amount the other person would have been willing to pay for the textbook.