Related to the Economics in Practice on page 281: The foreign visitors to the temples of Laos are typically much richer than the local Laotians. This tends to make the foreign visitors ________ buyers when it comes to ticket prices to enter the temples.
A. perfectly elastic
B. less elastic
C. perfectly inelastic
D. more elastic
Answer: B
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How are the slope of a production possibilities frontier and the opportunity cost of the goods related?
a. The slope is a graphical representation of the cost of expanding production of both goods. b. The slope is a graphical measure of the growth rate of the economy. c. The slope is a graphical representation of the cost of decreasing unemployment. d. The slope is a graphical representation of the rate of trade-off between the goods. e. The slope is a graphical representation of the cost of economic growth in the economy.
Refer to the accompanying figure. Moving from point C to point B, the opportunity cost of 25 more salads is:
A. 5 pizzas. B. 30 pizzas. C. 10 pizzas. D. 15 pizzas.
The biggest deterrent to bank panics in the United States is _________.
Fill in the blank(s) with the appropriate word(s).
Price indexes like the CPI are calculated using a base year. The term base year refers to:
A. the first year that price data are available. B. any year in which inflation was higher than 5 percent. C. the most recent year in which the business cycle hit the trough. D. an arbitrarily chosen reference year.