A consumer's demand for a product increases because other consumers own it. This is an example of:
a. bandwagon effect
b. a negative network externality.
c. snob effect.
d. none of the above
a
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In the United States since 1960, the average unemployment rate was highest during the decade of the
A) 1980s. B) 1990s. C) 1960s. D) 1970s. E) 2000s.
Comparative advantage means the ability to produce a good or service
A) at a higher profit level than any other producer. B) at a lower selling price than any other producer. C) of a higher quality than any other producer. D) at a lower opportunity cost than any other producer.
Refer to the graph shown. Given this budget constraint, if bagels cost $1.80 each, croissants must cost:
A. $1.80 each. B. $0.90 each. C. $3.60 each. D. It is impossible to know from the information given.
When the price of sausages is $2.00 per pound, consumers buy 50 pounds of fish. When the price of sausages rises to $3.00 per pound, 60 pounds of fish are purchased. The cross price elasticity of demand between sausages and fish is approximately equal to
A) +0.04. B) -0.45. C) +2.20. D) +0.45.