According to your authors, a necessary condition for the evolution of a successful commercial society includes
A) stable interest rates.
B) reasonably secure property rights.
C) a superabundance of natural resources.
D) zero economic losses.
B
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Rhonda's utility of wealth is 65 units at $5,000, 80 units at $7,000, and 95 units at $10,000. Starting from zero wealth, she must choose between options A and B
Option A gives her $7,000 for sure. Option B gives her $5,000 with probability 0.6 or $10,000 with probability 0.4. Rhonda A) will choose A. B) will choose B. C) is indifferent between A and B. D) needs more information to make a choice.
Which of the following would shift the supply curve for a product to the right?
a. an increase in the price of a resource used in the good's production b. the expectation of a higher price in the near future c. an increase in the price of the product d. an increase in the price of an alternative good e. an improvement in the technology for producing the good