"Wants" as an economic concept includes
A) both material and nonmaterial desires.
B) only the purchase of necessary basic goods.
C) only the desire for luxury goods.
D) only those goods that can be purchased with one's paycheck.
A
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Which of the following would tend to increase the demand for college textbooks?
A) A lower price of college textbooks B) An increase in the number of enrolled college students C) A significant increase in college tuition D) Both A and B
Suppose the Canadian central bank wants to keep the exchange rate of the Canadian dollar with the U.S. dollar constant over time. An increase in the demand for Canadian goods by American residents will lead the Canadian central bank to
A) sell American goods in exchange for Canadian dollars. B) buy more Canadian goods with Canadian dollars. C) increase the demand for Canadian dollars in the foreign exchange market. D) increase the supply of Canadian dollars in the foreign exchange market.
When does a kinked demand curve occur?
a. When competing oligopoly firms commit to match price cuts but not price increases b. When a natural monopoly raises its prices and provides an opportunity for market entry c. When competing oligopoly firms agree to increase prices at the same time and rate d. When one firm in a duopoly cuts prices and forces the exit of the other firm
Which of the following groups is engaging in rent seeking?
a. Karst Salvage, a non-profit that accepts donations to educate people about the importance of caves b. Safer Rides, a group that lobbies elected officials to get safety features added to cars c. Daring Drones, a group that makes donations to officials hoping to get permits to fly in restricted areas d. Long-time Logging, which donates money to campaigns of politicians who promise to help preserve forests