Which of the following could explain why there was a stampede at the Richmond International Raceway where 1,000 laptops were being sold at $50 each?
A) Those who bought laptops at that price were those who valued laptops the most.
B) The quantity of laptops demanded at $50 was higher than the quantity supplied.
C) The demand for laptops is not very responsive to price.
D) The price of $50 per laptop was above the equilibrium price of laptops.
B
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An example of a normative statement is:
A) The rate of unemployment is 4 percent. B) A high rate of economic growth creates more jobs for the country. C) The federal government spends half of its budget on national defense. D) Everyone in the country needs to be covered by national health insurance
If a firm is due to be paid in euros in two months, to hedge against exchange-rate risk the firm should ________ foreign exchange futures ________
A) sell; short B) buy; long C) sell; long D) buy; short