Which of the following will not change the demand for oranges?
A. A change in consumer's incomes
B. A change in the price of grapefruits, a substitute for oranges
C. A change in the price of oranges
D. A change in consumers' taste for oranges
E. An expectation that the price of oranges will increase in the future
C. A change in the price of oranges
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Amy can produce either 5000 pounds of cheese or 20 cars per year. Mike can produce either 5000 pounds of cheese or 10 cars per year. Amy has a comparative advantage in producing ________, and Mike has a comparative advantage in producing ________.
A. cars; cheese B. cheese; cheese C. cars; cars D. cheese; cars
The interest payment on a bond is called
A) the coupon payment. B) the face value. C) principal. D) the interest rate.
Which of the following statements is false?
A) A call option will sell for a fraction of the cost of the stock. B) A futures contract can be written for a commodity (such as wheat), or for a currency. C) A futures contract gives the owner the right, but not the obligation, to buy or sell a commodity at a specified price on a given future date. D) The specified price at which an option gives the owner the right to buy a stock at is called the stick price.
Suppose you drive a car that gets good gas mileage, and you notice that more and more people are driving gas-guzzling cars. Their increased demand for gas:
A. does not change the price you pay, but it reduces the quantity of gas supplied. B. does not affect you. C. is likely to cause the price you pay for gas to increase. D. is likely to cause the price you pay for gas to decrease.