Economic models are rarely constructed using
A. equations.
B. words.
C. graphs.
D. physical objects.
Answer: D
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Which is NOT an example of signaling high quality in a social setting
a. wearing a business suit on a job interview b. leaving a big tip for the waiter after a dinner date c. offering a cheap engagement ring to your bride d. Visiting the beauty salon before a big date
In 1991, the French mineral water Perrier was temporarily taken off the market in the United States because of suspected impurities. Other things equal, this action brought about:
a. an increase in the demand for Perrier. b. a decrease in the price of Perrier in terms of French francs. c. a depreciation of the French franc relative to the U.S. dollar. d. an appreciation of the French franc relative to the U.S. dollar. e. an increased supply of dollars in the foreign exchange market.
In general, supply curves with an elasticity of supply between 0 and 1 are referred to as:
A. inelastic. B. elastic. C. perfectly elastic. D. perfectly inelastic.
A credible threat is:
A. legally enforceable. B. in the threatener's interest to carry out. C. not in the threatener's interest to carry out. D. possible to carry out.