Why are people more inclined to pick up a dime off the pavement in a parking lot, but not so inclined to dig three feet into the earth for a previously-buried dime?
A) The entrepreneurial spirit of Americans is gone.
B) They don't know the value of the dollar—or dime—anymore.
C) They weigh the expected additional costs and benefits, and choose accordingly.
D) People haven't taken enough economics in college.
C
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Bob values the utility of a single scoop of Baskin-Robbins ice cream at $1.50. A double scoop gives total utility of $2.25, while a triple scoop yields $2.60. Baskin-Robbins charges $1.35 for a single, $1.95 for a double, and $2.35 for a triple. How many scoops will Bob buy?
What will be an ideal response?
One desirable outcome of a market economy is that it leads to a more equitable distribution of income
Indicate whether the statement is true or false
________ and ________ oligopolies are similar in that they both compete on quantity.
A) Cournot; Bertrand B) Stackelberg; Bertrand C) Cournot; Stackelberg D) Stackelberg; Chamberlin
One difference between arbitrageurs and speculators is that
a. arbitrageurs buy and sell foreign exchange; speculators do not b. speculators only buy foreign exchange but do not sell it c. arbitrageurs take more risks than do speculators d. speculators take more risks than do arbitrageurs e. arbitrageurs buy foreign exchange in the hope that its value will increase