Taylor has the following assets and liabilities:Two cars$15,000House$400,000Mortgage$300,000Cash$1,000Car loans$5,000Checking account balance$3,000Credit card balance$3,000What is Taylor's wealth?
A. $111,000
B. $105,000
C. $107,000
D. $419,000
Answer: A
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Workers who are underemployed are:
A) not counted in the labor force. B) considered as employed. C) considered as discouraged workers. D) considered as unemployed.
The consumption bundle that is available, if there are no exchanges with the market, is known as the
A. federal system. B. endowment point. C. Ramsey rule. D. gross replacement rate.
Which of the following statements about monopoly is most accurate?
a. The monopolist has no incentive to produce efficiently. b. Regardless of what is produced, the monopolist will use too many resources. c. A monopolist has no incentive to keep costs down. d. The monopolist "understocks" the market and charges too high a price.
Defenders of advertising
a. concede that advertising increases firms' market power. b. concede that advertising makes entry by new firms more difficult. c. contend that firms use advertising to provide useful information to consumers. d. All of the above are correct.