Many movie theaters allow discount tickets to be sold to senior citizens because
a. senior-citizen laws mandate such discounts.
b. goodwill efforts earn community respect and win loyal patrons.
c. the theaters are profit maximizers.
d. senior citizens lobby city councils for lower prices.
c
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The advantage of a system of fixed exchange rates over one where exchange rates are flexible is that
A. the government gains more control over the economy. B. floating exchange rates impose risks on importers and exporters from unpredictable exchange rates. C. exchange controls become unnecessary. D. fiscal and monetary policy can focus more on domestic conditions.
A tendency towards disorder or randomness is called:
a. Homeostasis b. Cybernetics c. Entropy d. Multifinality
To explain the existence of excess capacity, Keynes argued that
A) prices and wages are flexible, and eventually markets would go back to equilibrium. B) the long run average cost curve should not occur at the full employment level. C) the aggregate demand curve can be manipulated by advertising. D) prices and wages are inflexible in the downward direction.
Increases in the value of the product to each user, including existing users, as the total number of users rises is called:
A. Network effects B. Simultaneous consumption C. Learning by doing D. The spreading of development costs