The concept of utility:
A. cannot be used to explain why people are charitable.
B. cannot be used to explain why people are altruistic.
C. cannot be used to explain why people are selfish.
D. None of these is true.
D. None of these is true.
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A huge 50 percent off sale on golf clubs is advertised for next week. What happens this week in the market for golf clubs?
A) The supply of golf clubs decreases. B) The demand for golf clubs increases. C) The demand for golf clubs decreases. D) The supply of golf clubs increases. E) The demand for and the supply of golf clubs decreases.
Refer to Figure 4-5. Suppose that instead of a price ceiling, the government imposed a price floor of R1. What is the area representing the portion of consumer surplus transferred to producers as a result of the price floor?
A) A + B B) B C) A D) B + C
All economic models must involve simplifications because
a. economists would be unable to command high salaries if their models were so simple that anyone could understand them b. human behavior is very erratic and unpredictable c. reality is too complex to understand in its entirety, so we must reduce it to a level that we can understand d. they always try to duplicate all possible information and cover all possible variables that might influence decision making e. we must rely on value judgments and ignore reality
Recall the Application about the impact inflation has on your potential future salary and the repayment of student loans to answer the following question(s).According to this Application, if you earn a salary of $40,000 in the first year and all prices (including your salary) triple in the next 10 years, what will your nominal annual salary be in 10 years?
A. $20,000 B. $60,000 C. $120,000 D. $180,000