Related to the Economics in Practice on p. 52: Economist Meghan Busse found after examining more than 40 million car transactions that car purchasers are ________ influenced in their choice of cars by temporary weather fluctuations at the time of purchase.
A. not at all
B. always
C. slightly
D. heavily
Answer: D
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Carefully define the following terms and explain their importance to the study of economics. a. Resources b. Rational decision c. Scarcity d. Opportunity cost
What will be an ideal response?
The above figures show the market for oranges. Which figure(s) shows the effect of an increase in the price of bananas, a substitute for oranges?
A) Figure A B) Figure C C) Figure D D) Figure A and C
Price discrimination is the practice of
A) charging different prices for the same good when the price differences arise because of differences in cost. B) charging different prices for the same good when the price differences are not due to differences in cost. C) charging higher prices for brand-named goods and lower prices for generic versions of the goods. D) charging different prices for different qualities of a product.
In the Solow model, if f(k) = 2k0.5, s = 0.25, n = 0.05, and d = 0.2, what is the value of k at equilibrium?
A. 1 B. 2 C. 3 D. 4