Which of the following problems best describes what may occur when Dixie hires an attorney to help in her child-custody suit?
a. the winner's curse
b. a signaling problem
c. a principal-agent problem
d. an adverse selection problem
e. unemployment
C
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If the central bank increases the money supply, in the short run, the price level
a. and unemployment rise. b. rises and unemployment falls. c. falls and unemployment rises. d. and unemployment fall.
Suppose you have one hour to catch a flight to Miami for spring break, and it takes 45 minutes to drive to the airport. Your car is almost out of gas and the price of gas at the closest gas station is higher than at other gas stations that are much farther away. To you, the price elasticity of demand for gas is likely to be ________ than it would be if you had several hours before the flight.
A. more variable B. higher C. lower D. no different