Airlines that charge higher prices for seats in the first class cabin are:
A. not price discriminating because the product is not the same.
B. perfect price discriminators.
C. price discriminating because all passengers on the plane are traveling the same route.
D. using the hurdle method of price discrimination.
Answer: A
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In 2014, global revenue for IBM was $2 billion lower when measured in dollars than when measured in local currencies. The reason for this discrepancy is the value of the
A) euro decreased relative to the British pound. B) U.S. dollar decreased relative to the Japanese yen. C) British pound increased relative to the U.S. dollar. D) U.S. dollar increased relative to most other currencies.
Structural unemployment exists because
A. workers may not be willing to accept jobs at the going wage rate. B. of fluctuations in economic activity. C. technological changes make the skills of the workers incompatible with the skills used on the job. D. it takes time for people seeking jobs and employers seeking workers to find each other.
Government attempts to lower, raise, or simply stabilize prices can:
A. reduce efficiency of a market. B. shift the distribution of surplus. C. create unintended side effects. D. All of these are true.
Explain why featherbedding may or may not increase the demand for labor.
What will be an ideal response?