If the San Diego Opera decreases the price of their opera tickets and their total revenue falls, then this suggests that, at the original price, the demand for tickets to the San Diego Opera was:
A. elastic.
B. unit elastic.
C. inelastic.
D. either elastic or inelastic.
Answer: C
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For a whole life policy, the policy holder pays
A) premiums based on current interest rates. B) a constant premium. C) premiums that vary with mortality risk. D) constantly declining premiums.
Tami knows that people in her family die young, and so she buys life insurance. Preston knows he is a reckless driver and so he applies for automobile insurance
a. These are both examples of adverse selection. b. These are both examples of moral hazard. c. The first example illustrates adverse selection, and the second illustrates moral hazard. d. The first example illustrates moral hazard, and the second illustrates adverse selection.
In 2006, the average U.S. household held approximately how much currency (dollar bills and coins)?
A) $50 B) $100 C) $600 D) $1600 E) none of the above
When a tariff is imposed, the demand curve for the domestic good
A. shifts downward and to the right. B. shifts upward and to the right. C. shifts upward and to the left. D. shifts downward and to the left.