From an economist's point of view, zero pollution is always preferable to some pollution.
Answer the following statement true (T) or false (F)
False
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A good will tend to be more price elastic if it
a. is a luxury good. b. has no close substitutes. c. is a small part of the household budget. d. is a necessity.
Why do economists avoid basing theories on the responses of a few individuals?
a. Individual responses are often incomplete. b. Individuals hate being tested. c. Individuals rarely know what they want. d. Individual responses are unpredictable.
Lars almost always use SpeedyStop gas station because it is close to his home. What type of product differentiation is he being influenced by?
a. physical differences b. prestige c. location d. service
When a customer takes out a loan from a bank, this loan is:
a) a liability for the bank. b) savings for the bank. c) a loss for the bank. d) an asset for the bank.