On a typical budget constraint, the opportunity cost of food in terms of shelter is
A. the inverse of the opportunity cost of shelter in terms of food.
B. Ps/Pf.
C. Pf/Ps.
D. zero.
Answer: D
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The price elasticity of demand is measured as
A) the ratio of the typical consumer's quantity demanded to the entire quantity demanded in the market. B) the percentage change in quantity demanded divided by the percentage change in price. C) the number of purchases divided by the price of the product. D) price divided by quantity. E) quantity divided by price.
Which policy measure bans spinning?
A) Sarbanes-Oxley Act of 2002 B) Global Legal Settlement of 2002 C) Gramm-Leach-Bliley Act of 1999 D) Riegle-Neal Act of 1994
If the bidders at a first-price auction have true values of $78, $72, $66 and $65, the item will sell for
a. Just above $78 b. Just under $72 c. Just above $72 d. Just above $66
Some adults who were not working are included in the Bureau of Labor Statistics' "employed" category
a. True b. False Indicate whether the statement is true or false