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
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When the price of a commodity falls, we can expect
A. total utility will fall. B. marginal utility of the last unit purchased will fall. C. marginal utility of the last unit purchased will rise. D. purchases will fall because of a change in marginal utility.
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.
Arrow's impossibility theorem demonstrates the impossibility of the median voter theorem
a. True b. False Indicate whether the statement is true or false
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.