Disney World decides to charge local residents a lower price than other park visitors. This would fall under which field of economics?
A. Macroeconomics
B. Microeconomics
C. Customer service
D. Public policy
Answer: B
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You read online that, at current rates of production, the yearly world supply of food is sufficient to feed the projected 2050 population of earth, but that after 2050 there will be massive starvation. This prediction appears to assume that:
A. the long-run supply of food is perfectly inelastic. B. the long-run supply of food is perfectly elastic. C. the short-run supply of food is perfectly elastic. D. the short-run elasticity of supply of food is greater than long-run elasticity of supply.
An economy that experiences a fall in the price level over two consecutive quarters necessarily experiences
A) a recession. B) inflation. C) deflation. D) disinflation.
Financial intermediaries handle a larger flow of funds than do primary markets primarily because financial intermediaries:
A. can lower transaction costs and increase liquidity for savers. B. have government-regulated prices, so there is little competition. C. do not have to worry about information asymmetry. D. have a government-provided monopoly.
When there is a positive externality associated with the watering of one's lawn, the free market results in:
A. not enough lawn watering. B. too much lawn watering. C. the socially optimal level of lawn watering. D. government subsidies for lawn watering.