Airlines charge a ____________ to business travelers compared to leisure travelers because business travelers have a ____________ demand than leisure travelers
a. Higher; more elastic
b. Higher; less elastic
c. Lower; more elastic
d. Lower; less elastic
b
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The statement that "peach ice cream is better than chocolate ice cream"
A) can be tested using the scientific approach. B) is a normative statement. C) is a positive statement. D) provides a basis for predicting which type of ice cream will exhibit the most sales.
If the farmer is producing 5000 bushels of soybeans at point "b" in the above figure, we know that
A) the farmer is not using his resources efficiently. B) the farmer is using his land to produce a crop other than soybeans or corn. C) the farmer must be using more land than was used in constructing the production possibilities curve. D) the farmer is using his resources efficiently.
When the economy is at the full employment level of real GDP, expansionary fiscal policy will not increase the economy's total output in the long run
a. True b. False Indicate whether the statement is true or false
Explain how it is possible for a country to consume a greater quantity of goods and services than it is actually capable of producing.
What will be an ideal response?