Table 14.2Table 14.2 represents 3 markets for used guitars. Which of the markets in Table 14.2 are in equilibrium?
A. 1 only
B. 2 only
C. 3 only
D. 2 and 3
Answer: A
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Which of the following is not demonstrated by a production possibility curve?
A. scarcity B. opportunity cost C. necessity for choice due to scarcity D. price
Figure 4.4 illustrates the supply of tacos. If the government offered a subsidy to Mexican restaurants for each taco they produce, this would most likely cause a movement from
A) point a to point c. B) point c to point b. C) S0 to S1. D) S2 to S1.
Suppose you have $400 to invest at a nominal interest rate of 7 percent, and the investment's term to maturity is 1 year. If the inflation rate is 2 percent, then the real return on your investment is approximately
A) $8. B) $20. C) $28. D) $36.
As the dollar price of a foreign currency (for example, dollars per yen) decreases, foreign goods will be __________ expensive, __________ foreign goods will be purchased, and __________ foreign currency will be demanded
A) less; more; more B) less; more; less C) more; fewer; less D) more; fewer; more