Your willingness to pay more to fly to your vacation spot on the coast rather than incur the cost of driving there indicates that:
a. you place a high value on your time.
b. you place a low value on your time.
c. you believe time has zero value.
d. you believe time is valued at your wage level.
a
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Refer to the scenario above. Which country is likely to have the highest rate of poverty?
A) Techland B) Ritzland C) Neoland D) Eduland
Assume the supply function of ice cream is written as: Qs = 100 + 20P - 10Pm, where Qs is the quantity supplied, P is price of ice cream, and Pm is the price of milk ($/gallon)
If milk price increases by $2/gallon due to the policy change, how will the Qs change? A) decreases by 20 B) increases by 20 C) decreases by 10 D) increases by 10
Which of the following is closest to the economist's definition of perfect competition?
a. the airline industry b. the soft drink industry c. the fishing industry d. cellular telephone service
The logic behind the tradeoff between inflation and unemployment is that high aggregate demand puts upward pressure on wages and prices while raising output
a. True b. False Indicate whether the statement is true or false