If a consumer describes a car as being the most economical car on the market than this descriptor is a?

Related Mcqs:

1. If Toyota describes one of its cars of the future as being a moderately priced subcompact designed as a second family car to be used arround town; the car is ideal for running errands and visiting friends, then the company has just stated a potential new product in terms of a(n) ?

   A. Product idea B. Product image C. Product concept D. Product features...

2. 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...

3. Jamil’s car is in need of repair, so John decides to sell it avoid the repair bill. Unaware of the problem, Shahab buys the car. This is an example of ?

   A. hidden actions B. adverse selection C. moral hazard D. adverse selection...

4. Nicole wants to avoid buying a car that is a lemon. She takes a car she would like to buy to her mechanic before she purchases it. This is known as ?

   A. screening B. signaling C. moral hazard D. adverse selection...

5. Which best describes consumer surplus ?

   A. The price consumers are willing to pray for a unit B. The cost of providing a unit C. The profits made by a firm D. The difference the price a consumer pays for an item and the price he/she is willing to pay...

6. 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...

7. 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...

8. 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...

9. 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...

10. 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...