Refer to the table above. If the market price of wine is $8/bottle, and the market demand for wine is 19 bottles, David's consumption of wine is:
A) 4 bottles. B) 9 bottles. C) 7 bottles. D) 12 bottles.
C
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"A shortage in the loanable funds market occurs when the quantity of loanable funds supplied exceeds the quantity of loanable funds demanded." Explain why this statement is correct or incorrect
What will be an ideal response?
Which of the following are NOT scarce?
a. time for leisure activities b. computers c. compact discs d. the air we breathe
There are two employers in Bucolic that hire people who do not have a high school degree: a grocery store and a hardware store. The grocery store pays $10 per hour and the hardware store pays $12 per hour. People who work at either store can work as many hours as they want at those wages. Assume that it takes two hours to interview for a job. Lee works at the grocery store, but would like to work at the hardware store. If Lee interviews at the hardware store, there is a 10 percent probability of being hired. Assume that Lee is risk-neutral. How many hours must Lee anticipate working at the hardware store to justify interviewing for the job?
A. 60 hours B. 100 hours C. 1 hour D. 10 hours
An economy in which output has decreased and prices have increased would suggest that there has been a:
A. negative demand side shock. B. negative supply side shock. C. positive demand side shock. D. positive supply side shock.