Economically rational means that consumers and firms
a. are realistic about the present but not necessarily the future.
b. take into account monetary costs but ignore nonmonetary opportunity costs.
c. obtain full information prior to taking actions to reach goals.
d. take actions that are appropriate to reach goals given available information.
e. take into account monetary costs and sunk costs.

1. all other things equal, according to the law of demand, when the price of a good falls, the demand for the good falls the demand for the good rises the quantity demanded of the good falls the quantity demanded of the good rises 2. when a market is in equilibrium, the quantity of the good that buyers are willing and able to buy exactly equals the quantity that sellers are willing and able to sell cannot be determined is less than the quantity that sellers are willing and able to sell is greater than the quantity that sellers are willing and able to sell 3. which of the following factors does not influence the demand for a good or service? consumer (buyer) income the price of related goods the number of sellers buyer expectations 4. when the number of sellers in a market increases, demand rises supply rises the price rises, all else equal the number of buyers falls

Exhibit 34-1 country a country b good x 90 60 30 0 good ygood x good y 0 30 60 90 30 20 10 20 40 60 refer to exhibit 34-1. considering the data, which of the following term to? a. 1 unit of y for 1 unit of x b. 1 unit of y for 0.75 units of x c. 1 unit of y for 0.25 units of x d. 1 unit of y for 1.50 units of x e. all of the above s of trade would both countries agree 8. it -

On december 31, 2016, the decarreau, andrew, and bui partnership had the following fiscal year-end balance sheet: cash $10,000accounts receivable $20,000inventory $25,000plant assets - net $30,000loan to decarreau $18,000total assets $103,000accounts payable $14,000loan from bui $15,000decarreaua, capital (20%) $32,000andrew, capital (10%) $23,000bui, capital (70%) $19,000total liab./equity $103,000the percentages shown are the residual profit and loss sharing ratios. the partners dissolved the partnership on january 1, 2017, and began the liquidation process. during july the following events occurred: * receivables of $18,000 were collected.* all inventory was sold for $15,000.*all available cash was distributed on january 31, except for$8,000 that was set aside for contingent expenses.the book value of the partnership equity (i.e., total equity of the partners) on december 31, 2016 isa. $58,000b. $71,000c. $66,000d. $81,000