Suppose That You Are Walking to Work, Alone, and You

question 103

Multiple Choice

Suppose that you are walking to work, alone, and you notice a spooky man crawling on the ground alongside a building, holding a gun. He is clearly up to no good. In which of the following cases would you be MOST likely to do something about it (such as call 9-1-1) ?

• A) No one else around and you are in a rush.
• B) No one else around and you are NOT in a rush.
• C) A lot of other people are around and you are in a rush.
• D) A lot of other people are around and you are NOT in a rush.

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Definitions:

Consumer Surplus

The discrepancy between what consumers are prepared and able to spend on a product or service and the actual amount they end up paying.

Tariff

A tax imposed by a government on goods and services imported from other countries, used to control trade volumes and protect domestic industries.

Trade

The exchange of goods, services, or both between parties, which can occur domestically or internationally.

World Price

World Price is the international price of a good, determined by global supply and demand, affecting domestic markets.