Goods that are consumed over a short period
What will be an ideal response?
non-durable
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Answer the following statement(s) true (T) or false (F)
1. The travel cost method estimates benefits based on the substitutability of a natural resource and its recreational value. 2. A disadvantage of the travel cost method is that it estimates only existence value and not user value. 3. In modeling the travel cost method, the estimated benefit of improving the environmental quality of a natural resource is captured by the change in consumer surplus associated with a decrease in demand for that resource 4. The hedonic price method is based upon the premise that goods and services are valued for their individual attributes. 5. Among the advantages of the hedonic price method is that data on a product’s characteristics are readily available.
Marginal revenue is less than price for
A) all price searchers. B) all price takers. C) price searchers who can't restrict price reductions to the new purchases they want to attract. D) sellers who face inelastic demand curves.
The Federal Trade Commission is charged with:
a. supervising cartels in the United States. b. aiding small business in contract negotiations with foreign companies. c. investigating unfair and deceptive trade practices. d. approving contracts between businesses and government. e. bringing criminal complaints.
Jorge, a computer programmer, was laid off when his firm went out of business. He began to look for work, but was struck by a car and his hands and one leg were broken. He is unable to use the computer to seek jobs, or to go to interviews for jobs. It is now week 5 of 6 weeks in his cast. According to the current rules, Jorge will probably be classified as:
a. employed b. unemployed c. out of the labor force d. unemployable