Puerta Vallarta International Airport is near the coast. At night planes take off and land from the west, over the water. During the day planes approach and leave from the east, over Puerta Vallarta neighborhoods. Night flights into and out of Puerta Vallarta are more dangerous than day flights. Which rights are in conflict in this situation?
a. residents' right to enjoy the ocean and their right to peace and quiet
b. residents' right to enjoy the ocean and air passengers' right to enjoy the ocean
c. residents' right to peace and quiet and air passengers' right to safety
d. residents' right to peace and quiet and safety
e. air passengers' right to safety and convenience
C
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In the Monetarist model,
a. monetary policy and not fiscal policy is the prime factor in aggregate demand movements. b. money demand is more volatile than in the Keynesian model. c. expectations are correct on average. d. aggregate supply is not the primary source of business cycles. e. both a and b.
Which of the following statements is TRUE about the economic profits earned by a monopolistic competitor firm in the long run?
A) Economic profits can be positive since firms have some degree of monopoly power. B) Economic profits will be positive since the firm has a downward sloping demand curve. C) Economic profits will tend towards zero since positive profits will attract new firms into the industry. D) Economic profits can be negative since there is so much competition in the market.
Jeff decides that he would pay as much as $3,000 for a new laptop computer. He buys the computer and realizes consumer surplus of $700 . How much did Jeff pay for his computer?
a. $700 b. $2,300 c. $3,000 d. $3,700