If movies are an inferior good, movie attendance will rise when consumer incomes fall
a. True
b. False
Indicate whether the statement is true or false
True
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Is every product produced in the United States included in U.S. gross domestic product?
What will be an ideal response?
Some charge that third-degree price discrimination is unfair or that it reduces social welfare. Why does charging one group a lower price hurt anyone?
What will be an ideal response?
The per capita output of an economy is likely to increase if: a. the number of workers in the economy grows faster than its population
b. the population of the country grows faster than its labor force. c. the government increases the tax rates. d. the government controls the number of illegal immigrant workers in the economy. e. the government manages the foreign investment in the economy.
Finding the occupation or business activity in which you are relatively more productive helps you earn more money than otherwise would be the case. This reflects the
A) principle of compound interest. B) law of diversification. C) law of large numbers. D) law of comparative advantage.