Which of the following could explain why there was a stampede at the Richmond International Raceway where 1,000 laptops were being sold at $50 each?
A) Those who bought laptops at that price were those who valued laptops the most.
B) The quantity of laptops demanded at $50 was higher than the quantity supplied.
C) The demand for laptops is not very responsive to price.
D) The price of $50 per laptop was above the equilibrium price of laptops.
B
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If G = T, then regardless of whether there is unemployment or inflation (or both), the budget is
a. balanced even though the economy may not be in equilibrium b. in deficit c. in surplus d. contractionary e. balanced and the economy is in equilibrium
As of 2016, there are ______ nations fully in the Eurozone, with ______ nations remaining outside the currency union.
A) 40; 2 B) 19; 10 C) 35; 7 D) 10; 17
The theory of bounded rationality, based on rules of thumb such as "the value of a product is indicated by its price," may result in:
A. diminishing marginal utility. B. an upward-sloping supply curve. C. an upward-sloping demand curve. D. constant marginal utility.
Import restrictions create an incentive to smuggle.
Answer the following statement true (T) or false (F)