We observe that both the price of and quantity sold of golf balls are rising over time. This is due to:
A) continual improvements in the technology used to produce golf balls.
B) increases in the price of golf clubs over time.
C) decreases in membership fees for country clubs with golf facilities.
D) more stringent professional requirements on the quality of golf balls requiring producers to use more expensive raw materials.
C
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What was the overall trend of U.S. union membership beginning the 1960s? What was the main reason behind that trend?
What will be an ideal response?
An increase in aggregate demand is most likely to cause an increase in the price level when the economy is
A. operating near full employment. B. on the horizontal part of the aggregate supply curve. C. operating with high unemployment. D. operating with substantial excess capacity.
From 1977 to 2014, the rate of job creation has generally
A. trended up. B. trended up from 1977 to 2000, then trended down after that. C. trended down from 1977 to 2000, then trended up after that. D. trended down.
What is one reason car dealerships might move away from perfect price discrimination to uniform pricing?
A) Perfect price discrimination doesn't work. B) Transaction costs erode the profit of perfect price discrimination. C) Consumers are ill-informed and tend to complain too much. D) Uniform pricing is always more profitable and more fair as well.