Refer to Table 2.1. GDP in 2013 is
A) $243.00.
B) $267.50.
C) $294.00.
D) $302.50.
D
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Which sum of money most adequately represents the value someone places on the works of Shakespeare? The sum they would be willing to pay to
A) purchase a set of Shakespeare's complete works. B) purchase a set of Shakespeare's complete works if they did not already own a set. C) purchase a set of Shakespeare's complete works if they did not have ready access to a set. D) purchase a set of Shakespeare's complete works if they had no other way to obtain access to the complete works. E) purchase a set of Shakespeare's complete works if they had no other way to obtain copies of any of them to read.
What is the function of a bank examiner?
(A) To make sure banks are obeying laws and regulations. (B) To carry on day-to-day functions within the bank. (C) To respond to banks about their daily reports to the Fed. (D) To oversee decisions about major loans by each bank.
Figure 14.5 represents the market for used cars. Suppose buyers are willing to pay $5,000 for a plum (high-quality) used car and $3,000 for a lemon (low-quality) used car. If buyers believe that 80% of used cars in the market are lemons (low quality), what is consumers' willingness to pay ($X)?
A. $5,000 B. $3,400 C. $3,000 D. $1,700
In order to be a successful price discriminator, a provider must have a degree of market power (depicted by a downward-sloping demand curve) and meet what other condition(s)?
a. Prospective customers must be categorized according to willingness-to-pay. b. Opportunities for resale of the good or service must be limited. c. Customers cannot know that multiple prices are being charged. d. The provider must have excess capacity to accommodate the extra business. e. Both a and b.