What the economist calls opportunity costs are built into
What will be an ideal response?
both demand and supply curves.
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An airline can profit by offering standby customers an unsold seat at a substantial discount just before takeoff because
A. additional passengers are needed to balance the load. B. the marginal cost of additional passengers is very small. C. additional passengers add little to fixed costs. D. such passengers add more to profits than do those with reserved seats.
Which of the following statements is TRUE about income and wealth?
A) Income is a flow measure and wealth is a stock measure. B) Income is a stock measure and wealth is a flow measure. C) Both income and wealth are flow measures. D) Both income and wealth are stock measures.
Why is it important to use real rather than nominal GDP figures when making comparisons of output across time periods
What will be an ideal response?
The following countries as a group represent the most important markets for U.S. agricultural exports:
A) Developing countries B) Developed countries C) Centrally planned countries D) Former Soviet Union members