On December 29th, the cost of a skiing trip to Finse, Norway, was 6,500 krone. Two weeks later, the American dollar appreciated against the Norwegian krone. If the price of the trip in Norway remains the same, _____
a. an American skier living in Florida will now view this trip as cheaper compared to before
b. an American skier living in Florida will now view this trip as highly expensive compared to before
c. an American skier living in Florida will now view this trip as of the same value as before
d. an American skier living in Florida will now value this trip less as compared to before
e. an American skier living in Florida will no longer take this trip
a
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The amount of a tax paid by the buyers will be smaller the
A) more elastic the demand and the more inelastic the supply. B) more inelastic the demand and the more elastic the supply. C) more inelastic are both the supply and demand. D) more elastic are both the supply and demand.
As a consumer moves rightward along an indifference curve, the
A) consumer remains indifferent among the different combinations of goods. B) consumer generally prefers the combinations of goods farther rightward along the indifference curve. C) income required to buy the combinations of the goods always increases. D) relative price of both goods falls.
Retail stores that dedicate one or more aisles to "seasonal" items are engaging in ________
A) just-in-time production B) production smoothing C) work in process D) first degree price discrimination
The equilibrium quantity of labor decreases and the equilibrium wage increases when:
a. labor supply shifts to the left, if wages are flexible. b. labor demand shifts to the left, if wages are flexible. c. labor demand shifts to the right, if wages are flexible. d. labor supply shifts to the right, if wages are flexible.