The paradox of value is illustrated by the fact that
A: a pound of bread is cheaper than a pound of gold.
B: teens buy designer jeans.
C: if diamonds were free they would no longer be useful for engagement rings.
D: gold and diamonds occupy little space.
A: a pound of bread is cheaper than a pound of gold.
B: teens buy designer jeans.
C: if diamonds were free they would no longer be useful for engagement rings.
D: gold and diamonds occupy little space.
举一反三
- How many British pounds would it cost to buy a pair of American designer jeans costing $45 if the exchange rate is 1.50 dollars per British pound?
- Diamonds have little _____ value and their price depends almost entirely on their scarcit
- If the pound’s value is high, British ______ will spend their money abroad because the pound will buy them more.(invest)
- If the U.S. dollar is pegged to gold, then A: the Federal Reserve must adjust the supply of U.S. dollars when the price of gold changes. B: the government must buy and sell gold reserves when the price of the dollar changes. C: the U.S. dollar will not change in value since the price of gold is constant. D: the U.S. dollar would become more valuable than the Euro.
- The water and diamonds paradox of value results from A: the concept of deadweight loss. B: the "law of demand." C: diminishing marginal utility. D: the elasticity of demand.