When airlines overbook a flight and passengers are paid to take a later flight, which category of passenger is most likely to give up their reservations?
A) Passengers not in a hurry
B) Poor passengers
C) Selfish passengers
D) Unselfish passengers
E) Wealthy passengers
A
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In the example of the Nike running shoe, we see that
A) selling costs account for over half of a shoe's retail price. B) materials actually account for two-thirds of the retail price of the shoes. C) taxes account for one-quarter of the retail price of the shoes. D) production costs exceed selling costs by a wide margin. E) raw materials costs are by far the largest component of the total costs of producing the shoes.
Suppose that workers in A can produce 1 unit of S in 3 hours and 1 unit of T in 9 hours. Suppose that the relative price of S in B is 2. Graph the PPF for country A. Indicate the exact slope of the PPF. Show how the autarky equilibrium is determined
Illustrate a hypothetical international trade equilibrium, including production and consumption points, and trade volumes for a given (your assumption-be explicit) but permissible value of the international terms of trade.
As long as firms currently in a monopolistically competitive market are earning profits:
A. more firms will enter the market with products that are close substitutes. B. the firm will lower its price to keep out competitors. C. the government will step in to regulate prices to ensure they stay competitive. D. more firms will leave the market before the profits are competed away.
Growth compatible institutions:
A. allow people to gain income for themselves by creating impediments for others. B. encourage people to pursue activities that inhibit growth in others. C. have incentives built into them that lead people to put forth effort. D. encourage people to spend a lot of time in leisure pursuits.