Which of the following demonstrates marginal thinking?
a. Deciding to never eat meat
b. Deciding to spend one more hour studying economics tonight because you think the improvement on your next text will be large enough to make it worthwhile to you.
c. Deciding to go to a Sociology class that you usually skip because there is a guest lecturer you are really interested in hearing that day.
d. Both b. and c. demonstrate marginal thinking.
d
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What is a credit card?
A) Money B) A convenient way to borrow money C) A bond D) A convenient way to sell a bond
Refer to the figure above. Over the $5-$6 range, the elasticity of demand using the midpoint formula is:
A. 0.22. B. 1.00. C. 0.88. D. 1.16.
Buyers will opt out of markets in which:
A. there are significant negative externalities. B. standardized products are being produced. C. there is inadequate information about sellers and their products. D. there are only foreign sellers.
Refer to the graphs above. Which of the following best represents a positive demand shock when prices are flexible?
A.
The shift from D2 to D3 in graph B
B.
The shift from D2 to D3 in graph A
C.
The shift from D2 to D1 in graph B
D.
The shift from D2 to D1 in graph A