A parking lot in a busy downtown district is experimenting with its pricing strategy to figure out where it should price its spaces. Which of the following strategies should it implement?
a. Decrease parking rates if the lot fills up much earlier than 9am
b. Increase parking rates if the lot doesn't fill up until much after 9am
c. If the lot fills up right around 9am the price is right
d. All of the above
c
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Induced expenditure is any expenditure that
A) is fixed for all price levels. B) is fixed for all levels of real GDP. C) changes when real GDP changes. D) changes when the interest rate changes. E) is fixed for all levels of the interest rate.
Evan knows his GPA would skyrocket if he could break his horrible habit of procrastinating. An example of a commitment device Evan could use would be:
A. to allow himself one hour of leisure for every half-hour of studying he does each day. B. to exercise before studying in order to be refreshed. C. to pay a student to meet him each afternoon for 2 hours in the library to ensure he studies every day. D. All of these are commitment devices.
Which of the following is likely to be most capital-intensive?
A. Production of clothing in rural China. B. Farming in developing countries. C. Oil refining in the United States. D. None of the choices are correct.
The assumption that individuals do NOT intentionally make decisions that would leave them worse off is referred to as
A. the law of comparative advantage. B. the rationality assumption. C. a ceteris paribus assumption. D. the premium assumption.