Which of the following is not an example of price discrimination?
A. discounted coffee for senior citizens at restaurants
B. back-to-school sales
C. student discounts at movie theaters
D. airlines charging lower prices to travelers who stay over a Saturday night
Answer: B
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Suppose we have an economy in which G = 1100, t = 0.26, Y = 3800, and YN = 4000. At Y the cyclical deficit is
A) 60. B) 112. C) -172. D) -52. E) 52.
What must occur for a good to violate the Law of Demand?
A. The good must be normal and the income effect must be larger than the substitution effect. B. The good must be normal and the substitution effect must be larger than the income effect. C. The good must be inferior and the income effect must be larger than the substitution effect. D. The good must be inferior and the substitution effect must be larger than the income effect.
The best definition of GDP is
A. A physical measure of the capital stock of the economy. B. A dollar measure of final output produced during a given time period within a nation's borders. C. A measure of the per capita economic growth rate of the economy. D. The sum of the physical amounts of goods and services in the economy.
George and Dan's political consulting firm is losing money, but it is more than covering its fixed costs. What is the most accurate statement we can make about it?
A. It will stay in business in the long run. B. It will go out of business in the long run. C. It will shut down in the short run. D. None of these statements are correct.