Movie theaters and restaurants regularly charge lower prices to students and senior citizens because they are more sensitive to price changes
a. True
b. False
Indicate whether the statement is true or false
True
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When studying human behavior, economists assume rational self-interest. This means that people
A. always make the right decisions. B. make decisions based on some desired outcome. C. are quite selfish and are not concerned about others. D. have all the information they need to make a decision.
Referring to Figure 19.2, the effect of an increase in Japanese interest rates is represented by a movement from point
A) d to c. B) b to a. C) c to d. D) d to a.
Assume Alan's budget constraint is demonstrated by line A in the graph shown. Which of the following could cause Alan's budget constraint to change to line B?
A. The price of books could have decreased.
B. The price of books could have increased.
C. The price of movie tickets could have increased.
D. The price of movie tickets could have decreased.
Why does the United States tend to use more capital-intensive methods than many other places?
a. Machinery is relatively expensive in the United States. b. Wages are relatively low in the United States. c. Labor is relatively expensive in the United States. d. Machinery is relatively scarce in the United States.