During spring break, students have an elasticity of demand for a trip to Las Vegas of ?5. How much should an airline charge students for a ticket if the price it charges the general public is $660? Assume the general public has an elasticity of ?3.
A. $792
B. $440
C. $352
D. $550
Answer: D
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In economics, the word "aggregate" refers to
A) the government. B) how individual households differ from each other. C) the public sector itself. D) an economy as a whole.
Inflation
a. hurts society by imposing additional opportunity costs b. is generally harmful, but has the benefit of reducing opportunity costs c. makes it easier for us to comparison shop d. benefits society by causing people to make use of resources that would have otherwise gone to waste e. benefits society because by making people better consumers, they start to buy only those consumer goods they really need
Which of the following statements about private goods and public goods is correct?
a. Private goods and public goods are both excludable. b. Private goods and public goods are both rival in consumption. c. Private goods are not excludable and public goods are excludable. d. Private goods are rival in consumption and public goods are not excludable.
Which of the following arguments do the following graphs best support in the context of a skill-biased technical change?
a. The efficiency wage model is correct.
b. A minimum wage increases unemployment.
c. Greater productivity leads to higher wages.
d. Unemployment insurance increases unemployment.