Business-class airline tickets cost much more than coach-class tickets because, compared to householders, businesspeople's demand for travel is

a. equally elastic
b. unitary elastic
c. more elastic
d. less elastic
e. not a factor in the cost of airline tickets


D

Economics

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The theory of PPP suggests that if one country's price level falls relative to another's, its currency should

A) depreciate. B) appreciate. C) float. D) do none of the above.

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Arrow's impossibility theorem demonstrates the impossibility of the median voter theorem

a. True b. False Indicate whether the statement is true or false

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A Lorenz curve that becomes less bowed out implies:

A. no change in income distribution. B. a change in income distribution toward more equality. C. an increase in poverty. D. a change in income distribution toward more inequality.

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