Question 1

When Andrew buys purple boxer shorts at Nia's store for $20,

Accepted Answer

A)  Andrew's marginal benefits must be at least $20. 
B)  Nia's marginal opportunity costs must greater than $20. 
C)  Nia's marginal benefits from the $20 must be less than from the boxer shorts. 
D)  Andrew's marginal opportunity costs must be greater than $20. 
E)  this is an involuntary exchange because Andrew wouldn't be caught dead in purple boxer shorts. 
A)  Andrew's marginal benefits must be at least $20. 
B)  Nia's marginal opportunity costs must greater than $20. 
C)  Nia's marginal benefits from the $20 must be less than from the boxer shorts. 
D)  Andrew's marginal opportunity costs must be greater than $20. 
E)  this is an involuntary exchange because Andrew wouldn't be caught dead in purple boxer shorts.

Question 2

Which statement about markets is true?

Accepted Answer

A)  buyers compete with sellers 
B)  sellers cooperate with buyers 
C)  buyers cooperate with other buyers 
D)  sellers cooperate with other sellers 
E)  sellers compete with buyers 
A)  buyers compete with sellers 
B)  sellers cooperate with buyers 
C)  buyers cooperate with other buyers 
D)  sellers cooperate with other sellers 
E)  sellers compete with buyers

Question 3

When a market is in equilibrium, consumers who are not willing to pay the market-clearing price will spend their money elsewhere.

Accepted Answer

A) True 
 B)False

Question 4

Which statement about markets is false?

Accepted Answer

A)  buyers compete with sellers 
B)  buyers cooperate with sellers 
C)  buyers compete with other buyers 
D)  sellers compete with other sellers 
E)  sellers cooperate with buyers 
A)  buyers compete with sellers 
B)  buyers cooperate with sellers 
C)  buyers compete with other buyers 
D)  sellers compete with other sellers 
E)  sellers cooperate with buyers

Question 5

A shortage creates pressure for the

Accepted Answer

A)  price to fall. 
B)  price to sit still. 
C)  price to rise. 
D)  quantity demanded to increase. 
E)  quantity supplied to decrease. 
A)  price to fall. 
B)  price to sit still. 
C)  price to rise. 
D)  quantity demanded to increase. 
E)  quantity supplied to decrease.

Question 6

Copyrights and patents are legally enforceable guarantees to the owners of physical property.

Accepted Answer

A) True 
 B)False

When Andrew buys purple boxer shorts at Nia's store for $20,

Which statement about markets is true?

When a market is in equilibrium, consumers who are not willing to pay the market-clearing price will spend their money elsewhere.

Which statement about markets is false?

A shortage creates pressure for the

Copyrights and patents are legally enforceable guarantees to the owners of physical property.

Whats in Economics for You Scarcity, Opportunity Cost, Trade, and Models

Making Smart Choices: the Law of Demand

Show Me the Money: the Law of Supply

Are Your Smart Choices Smart for All Macroeconomics and Microeconomics

Up Around the Circular Flow: Gdp, Economic Growth, and Business Cycles

Costs of Not Working and Living: Unemployment and Inflation

Skating to Where the Puck Is Going: Aggregate Supply and Aggregate Demand

Money Is for Lunatics: Demanders and Suppliers of Money

Trading Dollars for Dollars Exchange Rates and Payments With the Rest of the World

Steering Blindly Monetary Policy and the Bank of Canada

Spending Others Money: Fiscal Policy, Deficits, and National Debt

Are Sweatshops All Bad Globalization and Trade Policy

Filters

Exam 4: Coordinating Smart Choices: Demand and Supply

When Andrew buys purple boxer shorts at Nia's store for $20,

Which statement about markets is true?

When a market is in equilibrium, consumers who are not willing to pay the market-clearing price will spend their money elsewhere.

Which statement about markets is false?

A shortage creates pressure for the

Copyrights and patents are legally enforceable guarantees to the owners of physical property.

Whats in Economics for You Scarcity, Opportunity Cost, Trade, and Models

Making Smart Choices: the Law of Demand

Show Me the Money: the Law of Supply

Are Your Smart Choices Smart for All Macroeconomics and Microeconomics

Up Around the Circular Flow: Gdp, Economic Growth, and Business Cycles

Costs of Not Working and Living: Unemployment and Inflation

Skating to Where the Puck Is Going: Aggregate Supply and Aggregate Demand

Money Is for Lunatics: Demanders and Suppliers of Money

Trading Dollars for Dollars Exchange Rates and Payments With the Rest of the World

Steering Blindly Monetary Policy and the Bank of Canada

Spending Others Money: Fiscal Policy, Deficits, and National Debt

Are Sweatshops All Bad Globalization and Trade Policy

Filters