A three day cooling off period in which buyers can cancel a contract after re-thinking it is to protect the consumer from ?

Related Mcqs:

1. Refer to Exhibit 4. Suppose that the consumer must choose between buying socks and belts Also suppose that the consumer’s income is €100 If the price of a belt is €10 and the price of a pair of socks is €5, the consumer will choose to buy the commodity bundle represented b point ?

   A. Z
   B. X
   C. Y
   D. the optimal point cannot be determined from this graph

2. With free trade, suppose that the rest of the world can supply calculators to Canada at a price of $30. Canada’s imports would now equal _____ and its consumer surplus would ____ relative to what occurred in the absence of trade. What is the change in consumer surplus? Refer to the figure that you have plotted ?

   A. 20 calculators increase
   B. 25 calculators decrease
   C. 25 calculators increase
   D. 30 calculators increase

3. A reduction in interest rates, causes an increases in the monetary base that results in an _________ in the availability of consumer credit and a ________ in the cost of consumer credit?

   A. reduction, increase
   B. reduction, reduction
   C. increase, reduction
   D. increase , increase

4. If an increase in a consumer’s income causes the consumer to increase his quantity demand of a good, then the good is ?

   A. a complementary good
   B. an inferior good
   C. a normal good
   D. a substitute good

5. Refer to Exhibit 4, Suppose that the consumer must choose between buying socks and belts Also suppose that the consumer’s income is €100 Suppose that the price of a pair of socks falls from €5 to €2 The income effect is represented by the movement from point ?

   A. X to point Y
   B. X to point Z
   C. Y to point X
   D. Z to point X

6. Refer to Exhibit 4, Suppose that the consumer must choose between buying socks and belts Also suppose that the consumer’s income is €100 Suppose that the price of a pair of socks falls from €5 to €2 The substitution effect is represented by the movement from point ?

   A. Z to point X
   B. X to point X
   C. X to point Z
   D. Y to point X

7. Refer to Exhibit 4, Suppose that the consumer must choose between buying socks and belts Also suppose that the consumer’s income is €100 A pair of socks is ?

   A. an inferior effect
   B. a Geffen good
   C. a normal good
   D. none of these answers

8. Suppose there are three identical vases available to be purchased. Buyer 1 is willing to pay Rs30 for one, buyer 2 is willing to pay Rs25 for one, and buyer 3 is willing to pay Rs20 for one. If the price is Rs25, how many vases will be sold and what is the value of consumer surplus in this market ?

   A. Three vases will be sold, and consumer surplus is Rs80
   B. One vase will be sold, and consumer surplus is Rs5.
   C. One vase will be sold, and consumer surplus is Rs30.
   D. Three vases will be sold, and consumer surplus is Rs0.
   E. Two vases will be sold, and consumer surplus is Rs5.

9. If export contracts are written in terms of foreign currency and import contracts are denominated in domestic currency a depreciation of the dollar during the currency contract period ?

   A. should increase the dollar value of exports
   B. should not have any effect on the dollar value of U.S imports
   C. must increase the balance of trade
   D. All of the above

10. Suppose that the United Kingdom devalues the pound if both exports and imports are written in terms of pounds then the United Kingdom balance of trade during a currency contract period ?

    A. improves
    B. worsens
    C. is unaffected
    D. falls for a while before increasing