Which of the following is an example of a Giffen good?
a. fish in Japan
b. rice in the Chinese province of Hunan
c. pork in India
d. Both a and b are correct.
b
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Which of the following jobs is least likely to be outsourced?
A. Technical assistance over the phone for your computer B. Transcription of physicians' records C. Software design D. Flipping hamburgers
Refer to the diagram and assume a single good. If the price of the good decreases from $6.30 to $5.70, consumer expenditure would:
A. decrease if demand were D 1 only.
B. decrease if demand were D 2 only.
C. decrease if demand were either D 1 or D 2 .
D. increase if demand were either D 1 or D 2 .
A price level increase tends to reduce net exports, thereby reducing the amount of real goods and services purchased in the United States. Economists refer to this phenomenon as
A) the barrier effect. B) the Gross Domestic Product (GDP) effect. C) the open-economy effect. D) the wealth effect.
Allegiant Air holds a natural monopoly on most of the routes it serves in the United States. Allegiant Air ________ operate on the ________ portion of its demand curve when total revenue is ________
A) will always; elastic; increasing B) will usually; elastic; decreasing C) will never; elastic; increasing D) will always; inelastic; increasing E) will never; inelastic; increasing