Generally speaking, the smaller the percentage of one's total budget devoted to a particular product, the more price elastic will be the demand for that product.
a. true
b. false
Answer: b. false
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David Dollahite's ABCD-XYZ Resource Management Model shows that __________ cannot be studied in isolation, adaptive coping is important
a. Stress and stressors b. Love c. Work d. Career seeking activity
The marginal propensity to consume (MPC) is defined as: a. the additional consumption that results from one dollar increase in disposable income. b. the fraction of total disposable income that households spend on consumption
c. the fraction of total disposable income that households save. d. the additional disposable income households earn in a given period.
Unlike implicit costs, explicit costs
a. reflect opportunity costs b. include the value of the owner's time c. are not included in the accounting statement of the firm d. are actual cash payments e. do not change with the output rate of the firm
You can buy a season ticket to the Metropolitan Opera for $800. A season ticket plan to see the New York Knicks is $1600. Which of the following is a CORRECT statement?
A) The money price of opera tickets is 1/2 of a Knicks ticket per opera ticket. B) The opportunity cost of a Knicks ticket is 2 opera tickets per Knicks ticket. C) The relative price of an opera ticket is $800. D) the money price of a Knicks ticket is 2 opera tickets per Knicks ticket.