According to economists, gift registries, returning gifts for cash refunds, and "recycling gifts":
A. are inefficient because the time spent in these activities is never worth the benefit
recipients receive from doing them.
B. are equally efficient because the recipient gets exactly what he wants.
C. are more efficient than if givers simply gave cash gifts.
D. increase the efficiency of gift-giving because they allow the recipient to consume goods
that provide greater utility and transfer away those goods that are less satisfying.
Answer: D
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If the price elasticity of demand is 1.3, demand is:
A. upward sloping. B. inelastic. C. unit elastic. D. elastic.
On average the productivity of an individual usually peaks when the individual is about
A) 25. B) 40. C) 50. D) 65.
Empirical economics refers to the
A. exclusion of irrelevant data when analyzing a model. B. belief that what is true for a part is necessarily true for the whole. C. model of economics used prior to the Industrial Revolution. D. collection and use of data to test economic theories.
A move from F to G represents a
A. change in quantity supplied.
B. change in supply.
C. increase in supply.
D. decrease in supply.