Relative to a world in which some people are motivated by nonmaterial incentives, if all people were motivated solely by financial incentives, then:
A. economic efficiency would be achieved more often.
B. there would be no commitment problems.
C. both business transactions and personal interactions would be different.
D. transactions in the business world would be the same, but personal interactions would not.
Answer: C
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Suppose that a monopolist must choose between two points on its demand curve: it can sell 100 units for $3 each, or it can sell 150 units for $2 each. Which of the following is true?
a. The monopolist is facing elastic demand. b. The monopolist is facing unit elastic demand. c. The monopolist is facing inelastic demand. d. The monopolist is facing perfectly elastic demand. e. The elasticity of demand cannot be determined with the information given.
The exchange rate is the
a. ratio of exports to imports b. interest rate the U.S. government charges on international transactions c. pricing policy of goods scheduled for export d. price of one nation's currency in terms of another nation's currency e. price that central banks charge each other for currency exchanges