A price-discriminating monopolist will tend to charge a higher price to senior citizens if it believes that senior citizens:
a. have a lower willingness to pay than other demanders.
b. have a greater willingness to pay than other demanders.
c. have very elastic demand curves
d. have horizontal demand curves.
b
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Over the last two decades, what is the single factor that has caused the increase in the percent of GDP spent on the military?
A. our tremendous need for imported oil to fuel our inefficient transportation system and large military. B. our obligations to protect our friends in Asia. C. our obligations to provide protection for the Americas and the Caribbean island countries. D. play the role of world protector.
Which of the following best expresses the law of demand?
a. An increase in price results from an increase in demand for a good of limited supply. b. The increase in the quantity of a good available when its price increases. c. A decrease in price can be expected as more units of a product are demanded. d. The inverse relationship between the price of a good and the quantity demanded.
(Consider This) The Fed is like a sponge in that it can:
A. clean up economic problems just as one would wash dirt off a car. B. squeeze new reserves into the banking system, or soak up reserves if the banking reserve "bowl" is too full. C. wipe away inflation when used with the "soap" of fiscal policy. D. wash the "windows" of the banking system so that monetary policy is more transparent.
Which of the following tools of commercial policy acts as a quantitative restriction on imports?
a. Tariff b. Subsidy c. Health and Safety regulations d. Quota e. Government procurement