The term _____ refers to the idea that the value people place on money depends on where that money comes from
a. decision making
b. psychological pricing
c. mental accounting
d. marketing mix
e. anchoring
c
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The factor market can best be described as where
A) households buy goods and services. B) firms buy goods and services. C) firms buy the services of labor, land and capital. D) governments sell goods and services.
The statement "There is no accounting for taste" implies
A) individuals all have the same preferences. B) individuals all have different cardinal preferences but the same ordinal preferences. C) individuals all have different ordinal preferences but the same cardinal preferences. D) individuals all have different ordinal and cardinal preferences.
Over the inelastic range of a demand curve, there is
A) a positive relationship between a given percentage change in price and a change in total revenues. B) a negative relationship between a given percentage change in price and a change in total revenues. C) an increase in total revenues regardless of an increase or decrease in price. D) no relationship between changes in price and changes in total revenues.
Karl can produce either 10 tons of oranges or 5 tons of apples in a year, while Adam can produce either 5 tons of oranges or 10 tons of apples. Which of the following is true? a. Adam has an absolute advantage in oranges and a comparative advantage in apples. b. Karl has an absolute advantage in oranges and a comparative advantage in oranges. c. Karl has an absolute advantage in both apples
and oranges. d. Karl has an absolute advantage and a comparative advantage in apples.