Wayne won $100,000 on a LottoMax ticket and now he wants to buy a Mercedes. Wayne's willingness and ability to purchase the car can be described as his ________. A) money supply B) windfall profits C) obligation D) demand E) unanticipated wealth

Wayne won $100,000 on a LottoMax ticket and now he wants to buy a Mercedes. Wayne's willingness and ability to purchase the car can be described as his ________. A) money supply B) windfall profits C) obligation D) demand E) unanticipated wealth

Macroeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506756

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter7: Taking The Nation's Economic Pulse

Section: Chapter Questions

Problem 17CQ

See similar textbooks

Related questions

Q: According to the welfare theory covered in the unit, which of the following statements is true? a.…

A: When talking about welfare theory, there are two theorems to understand the contribution of…

Q: What is the ethics and accountability in public service and governance? Discuss its important and…

A: In the case of governance accountability is considered as morals and administration, in comparison…

Q: Daily Enterprises is purchasing a $9.8 million machine. It will cost $55,000 to transport and…

A: The term depreciation refers to an accounting method used to allocate the cost of a tangible or…

Q: In 1998, the National Highway Traffic Safety Administration distributed the film elmet Laws, We All…

A: A cost borne by a third party as a result of an economic transaction is known as a negative…

Q: A rent-a-car company currently rents their cars out at the market price of £50 per day, with renters…

A: Complementary Goods:- A complementary good is one which helps to improve the quality of some other…

Q: 5. The allocatively efficient quantity of product Z for the whole market is 2 million units. At that…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: The term capital, as used by economists, refers to a money b the physical space in which…

A: In economics, the term capital is used in economic activity when an individual or a firm wants to…

Q: Possible solution in a post normal perspective about regaining the economy of a third world country.

A: Third world economy Third world economy stands for the countries which are less developed. These…

Q: QUESTION 22 The total surplus in a market reaches its maximum when supply and demand are in…

A: Dear student, you have asked multiple questions in a single post. In such a case, I will be…

Q: The current economic fallout from China's Covid-19 lockdowns -zero Covid-19 policy- is widening both…

A: IS-LM Model IS and LM model determines the relationship between the Product market and Money…

Q: Consider the following data on the GDP of Z-product: i) What was the growth rate of nominal GDP…

A: GDP is the value of final goods and services produced in the economy within a given period of time

Q: 4. What kind of liability insurance protects you now as an EMT and paramedic in your clinical sites?

A: DISCLAIMER “Since you have asked multiple question, we will solve the first question for you. If…

Q: In the analysis of the optimal level of a public good, suppose that each person's utility function…

A: Given information Utility function is quasi linear U=Ui(G)+Pi G is the public good Pi= private good…

Q: Using the Lucas Island model show that random shocks to the money supply will impact output while…

A: Lucas Island Model given by Robert Lucas. It is an economic model which shows the relationship…

Q: 5. Suppose food (F) and clothing (C) are produced using only labor. The production functions are…

A: In economics, a production function refers to an equation that represents the connection between the…

Q: 2.) Production, Inputs, and Cost: Building Blocks for Supply Analysis First, use the following…

A: Marginal revenue (MR) is the increase in revenue that results from the sale of one additional unit…

Q: Evaluate the impact of COVID-19 pandemic on the performance of UK supermarkets. Performance should…

A: Uncertainty is described as the situation which has no probability of prediction. It is a situation…

Q: What happens to the supply curve for labor (shifts to the right/left or stays the same) in the…

A: Since you have posted a question with multiple sub parts, we will solve first three subparts for…

Q: 2. Suppose that the government of Australia wants to maintain a constant nominal money supply. Its…

Q: 2. Assume a Hawk -Dove game with the following payoff matrix, where the first entry is Animal A's…

A: In economics and game theory, the term "Nash equilibrium" refers, in its most basic form, to a…

Q: Economic profits are: O total revenue less sunk costs. O total revenue less implicit costs. O total…

A: The difference between the money gained from the sale of a product and the costs of the inputs…

Q: Income tax is an example of

A: Tax is defined as a form of compulsory payment by the individual of a country to its government.…

Q: 4. In a CDS the accrual payment is a payment made by CDS and occurs when the to CDS defaults a.…

A: A Credit Default Swap (CDS) is a contract between two parties related to a credit derivative. In…

Q: Private producers have no incentive to provide public goods because O A. the government subsidy…

A: The goods that tend to benefit all society members as they are being provided for free via free…

Q: A start-up mobile phone manufacturer who produces mother boards has fixed costs of $320,000 per year…

Q: For each scenario listed below, start by drawing a fully-labeled Aggregate Supply-Aggregate Demand…

A: Answer a. When the federal government spends more on national defence, the aggregate-demand curve…

Q: A recently hired chief executive officer wants to reduce future production costs to improve the…

A: The equivalent annual cost (EAC) is the annual cost of owning, operating, and maintaining an asset…

Q: Assume that Peter's short run Total Cost Curve is TC = 20,000q- 200q² +q*. Calculate his (short run)…

A: Average total cost is total cost divided by quantity. ATC = TC / q => ATC = (20,000q - 200q2 +…

Q: Nori is a firm that sells products in an industry with a very high concentration of sellers. Nori's…

A: In economics, a market is a place where buyers and sellers exchange products and services based on…

Q: nits equal e to one hira of total emissior economy (so two-thirds of all emissions m bated), and…

A: *Answer:

Q: Consider the following data on the X-product: a) What was the growth rate of nominal GDP between…

A: a) "Nominal GDP of a year is computed by multiplying price and quantity of that year."

Q: Fill in the missing values for a, b and c. Units Total Marginal Average product of product product…

A: MP is the marginal product which is the change in total product by employing one more worker AP is…

Q: 3. If we place a price ceiling of $3, do we have a surplus or shortage? By how much? Label producer…

A: Equilibrium is achieved at the output level where Qs equals Qd. Thus required equilibrium output is…

Q: Question 7 Suppose that there is fear of a possible war in the future, reducing consumer confidence…

A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Accounting profits are: A.) economic profit less explicit costs. B.) less than economic…

A: "There are two kinds of costs explicit costs (are out of the pocket costs for a firm) and implicit…

Q: 9. A village is located next to 1000 acres of prime grazing land. The village presently owns the…

A: We know that the common land will be overgrazed since each person will consider only their own…

Q: Suppose a competitive market has a horizontal long- run supply curve and is in long-run equilibrium.…

A: In financial matters, the long-run is a hypothetical idea wherein all markets are in harmony, and…

Q: PT POQ Indonesia plans to produce a new product that requires an initial investment of IDR 150…

A: Initial Investment = 150 million Maintenance Cost = 3500 per hour Other cost = 75 million per year…

Q: QUESTI ON 16 Suppose that for a particular firm the only variable input into the production process…

A: Disclaimer :- as you posted multiple questions we are supposed to solve the first one only as per…

Q: You live in a town with 300 adults and 200 children, and you are thinking about putting on a play to…

A: Introduction Here demand schedule of two type of customer has given: adult and children. Table when…

Q: A construction management company is examining its cash flow requirements for the next few years.…

A: Future worth represent the worth of the present asset with determined rate of growth , if the Future…

Q: In which of the scenarios below would Fed decisions geared towards eliminating GDP gaps lead to a…

A: Introduction : inflation is a general increase in the prices of goods and services in an economy.

Q: Suppose the economy is initially in its long-run equilibrium. Due to the biased (overestimated)…

A: IS-LM model shows money market equilibrium and goods market equilibrium at various levels of…

Q: Many people argue that certain industries, such as weapons, energy, and transportation, should be…

A: International trade results in gains from trade, but still there are trade barriers.

Q: what is the relationship between money demand and GDP in developing countries

A: Compared to industrialized nations, developing countries have a gross domestic product (GDP) that is…

Q: What is capital and labour intensive production technique

A: Production technique refers to the process through which the goods and services are produced by the…

Q: 1. Due to the creation of the multiverse, two parallel universes, Universe 30.13 and Universe 30.14,…

A: Gini index is the area between the uniform equality line and the Lorrenz curve . Area under…

Q: Use the graph to answer the question that follows. Without government intervention, this market…

A: The action that is taken by the government seeking to change decisions that are made by groups,…

Q: 1. If in a simple linear regression, SST = 315 and the sample correlation coefficient between your…

A: When talking abou linear regression model, there are different methods to determine sample…

Q: 1. What is the purpose of segmenting the market? Please explain your answer.

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Question

Wayne won $100,000 on a LottoMax ticket and now he wants to buy a Mercedes. Wayne's willingness and ability to purchase the car can be described as his ________.

A)	money supply

B)	windfall profits

C)	obligation

demand

E)	unanticipated wealth

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Consider an economy in which there is one consumer born at the start of each time period. Each consumer lives for two periods and receives an endowment of 1 unit of the consumption good when young. At the start of the economy there is a consumer who is already old. This consumer owns one unit of money but has no endowment of the consumption good. Money has no intrinsic value. a. Can money be valuable in a finite economy (one that has a known end point)? b. Can money be valuable in an infinite economy? c. Can money allow exigency to be attained?
If interest rates increase in financial markets, then... Group of answer choices Eli’s trucking company is likely to borrow more money than planned, which would increase the supply of money Guido Pizzeria is likely to borrow less money to renovate and the quantity supplied increases. Omar is likely to deposit more money in his savings account and the quantity supplied increases. Kim is likely to save less, which would increase the supply of money
When the demand for money is greater than the supply of money: A) people offering to sell nonmonetary financial assets must increase the interest rate these assets pay in order to sell them. B) more people will hold money. C) the opportunity cost of holding money will fall. D) interest rates will fall.
A student who cashes a check at the student union in order to go shopping illustrates anexample of thea. Transaction demand for money.b. Speculative demand for money.c. Precautionary demand for money.d. Income effect.e. Substitution effect.
Q75 An equal and proportional increase in money income and all money prices will... a. Shift the budget line to the right parallel to the original budget line. b. Leave the position of the budget line unchanged. c. Shift the budget line to the left parallel to the original budget line. d. Rotate the budget line inward from the vertical axis. e. Rotate the budget line inward from the horizontal axis.
Q) using concept of ordinal utility theory, derive two demand curves-one that keeps money income constant and another that keeps consumer's utility level constant. Explain it early but not copy paste answer provides give in own words onlys.
Q)using concept of ordinal utility theory, derive two demand curves-one rhat keeps money income constant and another that keeps consumer's utility level constant Explain this early but not the copy paste answer provides.
According to Chapter 3- History of Economic Thought by Hunt What do subscribers to the utility theory of value mean by the " water-diamond paradox" when discussing Smith's distinction between " value in use" and " value in exchange." ? How does Hunt explain Smith's position?
Consider the simple quantity theory of money. Which variables are exogenous?(Choose one or more.)A The stock of money.B The demand to hold money.C The (exchange) value of money.D The purchasing power of money.E The average level of prices.
What are the critical assumptions that lead to the paradox of thrift (POT)? Use the I=S relationship to explain the POT “intuitively.”
A decrease in the price level causes money demand to increase. Thereby shifting the money-demand cause to the left. A. Group of answer choices B. The first and the second statement are both false. C. The first statement is false. The second statement is true. D. The first statement is true. The second statement is false. E. The first and the second statement are both true.
Which of the following areas are addressed in the study of economics? (check all that apply) A. Inflation ratesInflation rates. B. Pollution reduction policiesPollution reduction policies. C. The costs associated with a decisionThe costs associated with a decision. D. Financial marketsFinancial markets.