Running a supermarket involves:
A. the same level of risk as running a gourmet shop.
B. a lower level of risk than running a gourmet shop.
C. a higher level of risk than running a gourmet shop.
D. All of the statements associated with this question are correct.
Answer: B
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While eating at Alex's "Pizza by the Slice" restaurant, Clara experiences diminishing marginal utility. She received 10 utils from consuming the first slice of pizza and would only receive 5 utils from consuming a second slice, at the same price. Based on this information we can conclude that
A. Even if Clara buys a second slice, she will not buy a third slice. B. Clara will not eat a second slice, even if it is given to her at no charge. C. Alex may have to lower the price to convince Clara to buy a second slice. D. Clara will definitely want to buy a second slice of pizza.
The GDP price index can be interpreted as
A) (nominal GDP - real GDP) ÷ 100. B) (real GDP ÷ nominal GDP) × 100. C) (real GDP - nominal GDP) ÷ 100. D) (nominal GDP + real GDP) ÷ 100. E) (nominal GDP ÷ real GDP) × 100.
You are given the following market data for Venus automobiles in Saturnia
Demand: P = 35,000 - 0.5Q Supply: P = 8,000 + 0.25Q where P = Price and Q = Quantity. a. Calculate the equilibrium price and quantity. b. Calculate the consumer surplus in this market. c. Calculate the producer surplus in this market.
In the classical model with an open economy, an increase in government purchases always causes complete crowding out
a. True b. False