Which of the following is NOT a voluntary exchange?
A) Jose loses his smartphone on the way home.
B) Marie buys groceries.
C) Jason pays $20,000 for tuition and fees this semester.
D) Emily buys a $500 plane ticket to fly from Miami to Dallas on short notice.
Answer: A
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A relative price is
A) the number of dollars that must be given up in exchange for the good. B) also called the money price. C) not an opportunity cost. D) the ratio of one price to another price.
If households and firms decide to hold less of their money in checking account deposits and more in currency, then initially, the money supply
A) will decrease. B) will not change. C) will increase. D) may increase or decrease.
Herbert Simon has concluded that decision making in industry is often best described as
A. optimizing behavior. B. profit maximizing. C. satisficing. D. saturating.
The wage premium in the United States represents a
a. cost of higher education. b. decreasing return to higher education. c. higher return to college education. d. result of declining college attendance since 1973.