Prices of commercial airline tickets (assume that this is a normal good) have fallen in recent months. Over this same period, the price of jet fuel has risen and consumer incomes have fallen
Which of the following best explains the falling prices of airline tickets?
A) The supply curve for airline tickets has shifted to the left while the demand curve for airline tickets has shifted to the right.
B) The demand curve for airline tickets has shifted to the left more than the supply curve has shifted to the left.
C) The supply curve for airline tickets has shifted to the left more than the demand curve has shifted to the left.
D) The demand curve and the supply curve for airline tickets have both shifted to the right.
B
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If a pair-wise majority vote was held and the voters' preferences are shown in the table, which of the following is true?
A. The preferences of each member is transitive.
B. The collective preferences of the group are transitive.
C. The outcome of the vote will not change, regardless of voting method.
D. The most efficient outcome for the group will occur if pair-wise majority voting was used.
Which of the following is an economic cost of unemployment?
a. The extra leisure time available b. The increase in short-run output that results in higher unemployment c. The psychological cost of not having a job d. The cost of having to count the unemployed e. The opportunity cost of lost output
About what percent of the world's poorest people are female?
a. 30 b. 50 c. 70 d. 90
A fundamental aspect of economics is to
A) ensure that every firm makes a profit. B) analyze how choices are made. C) satisfy all our wants. D) make sure that we always have sufficient resources.