Which sum of money most adequately represents the value someone places on the works of Shakespeare? The sum they would be willing to pay to
A) purchase a set of Shakespeare's complete works.
B) purchase a set of Shakespeare's complete works if they did not already own a set.
C) purchase a set of Shakespeare's complete works if they did not have ready access to a set.
D) purchase a set of Shakespeare's complete works if they had no other way to obtain access to the complete works.
E) purchase a set of Shakespeare's complete works if they had no other way to obtain copies of any of them to read.
E
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Use the following figure to answer the question below.
Dave's opportunity cost of producing 1 pound of green beans is ________ pound(s) of corn.
A. 1/2 B. 4 C. 2 D. 1
Which of the following statements about financial markets and securities is TRUE?
A) Many common stocks are traded over-the-counter, although the largest corporations usually have their shares traded at organized stock exchanges such as the New York Stock Exchange. B) As a corporation gets a share of the broker's commission, a corporation acquires new funds whenever its securities are sold. C) Capital market securities are usually more widely traded than shorter-term securities and so tend to be more liquid. D) Prices of capital market securities are usually more stable than prices of money market securities, and so are often used to hold temporary surplus funds of corporations.
The substitution effect of a real wage increase is observed when
A) the higher wage causes workers to take more leisure and work more hours. B) the higher wage causes workers to take more leisure and work fewer hours. C) leisure's higher opportunity cost causes workers to take less leisure and work more hours. D) leisure's higher opportunity cost causes workers to take more leisure and work fewer hours.