Movie theatres offer seniors discounts because
a. Seniors have a more inelastic demand for movie tickets
b. Seniors have a more elastic demand for movie tickets
c. Seniors have a higher opportunity cost of their time
d. Only B&C
b
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If the price of a a good increases by 10 percent and the quantity supplied increases by 5 percent, then the elasticity of supply is
A) greater than one and supply is elastic. B) negative and supply is inelastic. C) less than one and supply is elastic. D) less than one and supply is inelastic. E) greater than one and supply is inelastic.
What is the real GDP in year 1 using base year 1?
A) $418. B) $300. C) $360. D) $338.
Fixed costs plus variable costs:
a. increasing marginal returns b. total cost c. marginal revenue d. marginal product of labor e. marginal cost
One empirical prediction from the model which includes government purchases is that
a. permanent changes in real government purchases increase real GDP. b. permanent changes in nominal government purchases increase nominal GDP. c. permanent changes in real government purchases decrease real GDP. d. permanent changes in real government purchases have little impact on real GDP.