When economists describe "a market," they mean
A. any place where stocks and bonds are traded.
B. a hypothetical place where the production of goods and services occurs.
C. a communication network that allows individuals to keep in touch with each other.
D. any place where, or mechanism by which, buyers and sellers interact to trade goods, services, or resources.
Answer: D
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What is a fair game or fair bet?
What will be an ideal response?
Giving presents at Christmas does NOT generate a deadweight loss if
A) all gifts are money. B) everybody gets exactly want she wants. C) nobody can be made better off by returning the gift and purchasing a different one. D) All of the above.
The supply of movie tickets at one theater's box office for this Saturday's 4:30 showing of a new movie is
A) perfectly elastic until all seats are filled. B) unit elastic. C) perfectly inelastic. D) elastic.
Sharon works for a company that provides a 2% match if she puts 6% of her income into a 401(k) retirement account. What will this investment model mean for her future retirement income?
a. Because this investment is made in pretax dollars, Sharon’s current taxable income will be lower. b. Her taxable income will be higher now, but she will be eligible for 401(k) tax breaks when she retires. c. Because this investment is made in pretax dollars, her retirement account will earn more money for the future. d. Because of the company match, Sharon will need to roll her 401(k) over into an IRA before retirement to take advantage of any tax benefit.