Recall the Application about the benefits provided by the LoJack auto recovery system to answer the following question(s).Recall the Application. LoJack is system that allows the police to track stolen cars. Car owners who do not buy LoJack systems still benefit because:
A. the owner of a LoJack system gets a break on his auto theft insurance.
B. the owners of LoJack earn profits.
C. thieves don't know which cars have LoJack.
D. All of these
Answer: C
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Is peak pricing economically efficient? Explain. Give an example to illustrate your answer.
What will be an ideal response?
The economic boom between 2002 and 2006 was primarily a result of
a. a reduction in stock prices along with rising oil prices. b. a sharp reduction in the real price of resources and wages. c. an increase in both housing and stock prices. d. an increase in both resource prices and interest rates.
Major increases in oil prices in the mid-1970s and in the late 1970s created:
A. beneficial aggregate demand shocks. B. adverse aggregate supply shocks. C. an increase in long-run aggregate supply. D. a reduction in the unemployment rate.
Four points on a demand schedule are given: $12, 2 units; $10, 3 units; $15, 5 units; and $2, 4 units. Which combination is inconsistent with the law of demand?
A. $15 and 5 units B. $12 and 2 units C. $2 and 4 units D. $10 and 3 unit