Which of the following economic values is NOT an example of a price?
A) Wage earned per hour
B) Annual interest rate paid for borrowed money
C) College tuition per semester
D) all are examples of prices
D
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The U.S. economy has been more stable since 1950
Indicate whether the statement is true or false
An aggregate demand curve can be drawn by: a. shifting the 45-degree line
b. letting changes in autonomous spending shift the aggregate expenditure line. c. letting changes in the price level shift the aggregate expenditure line. d. letting changes in the level of income shift the aggregate expenditure line. e. letting changes in real GDP shift the aggregate expenditure line.
Comparative advantage occurs when a person or a country can produce a good or service at a lower ____ than others.
A. fixed cost B. variable cost C. opportunity cost D. total cost
Alex, who is risk-neutral, is looking for a one-bedroom apartment to rent for the month of August while he's on vacation in Seattle. All of the one-bedroom apartments in the neighborhood where he wants to stay are of equal quality, but 70 percent rent for $700 per month, 20 percent rent for $600 per month, and 10 percent rent for $500 per month. The first apartment Alex finds rents for $700 per month. Suppose Alex is risk-averse. If the cost to Alex of searching for another apartment is $40, then will he search for another apartment?
A. No, because searching for another apartment is a fair gamble. B. No, because searching for another apartment is a less-than-fair gamble. C. Yes, because searching for another apartment is a better-than-fair gamble. D. Yes, because searching for another apartment is a fair gamble.