A conclusion from the study of automobile markets by Allen Jung of the University of Chicago was that:
a. the more experienced buyers got better deals.
b. dealer characteristics had considerable influence on the prices they offered.
c. variation in the offered price by dealers of cars was uniform.
d. there was little or no difference between the average prices quoted to different types of buyers.
D
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In his book Power and Prosperity, the economist Mancur Olson theorized that a country is better off under a dictator who maintains power for a long period, such as Mobutu, than under a short-term, unstable dictatorship
Olson maintained that, while both are very undesirable forms of government, the former is less disruptive to the economy than the latter.Discuss why this assertion may or may not be true.
In which year was the poverty rate the lowest?
A. 1960 B. 1973 C. 1984 D. 1993
When a consumer is able and willing to buy a good or service, s/he creates ____________ .
a. consumption b. demand c. elasticity d. allocation
In Figure 4.2, at quantities larger than Q1, demand is:
A. inferior. B. elastic. C. inelastic. D. unit elastic.