Reorganization of the airline industry came in two waves, one led by large long-established airlines and the other led by new entrants to the industry
Indicate whether the statement is true or false
T The first wave brought hub-and-spoke networks to major airlines as a lower cost way for them to operate, and the second wave brought innovative point-to-point airlines that had still lower costs.
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If the nominal interest rate is 5 percent and the real interest rate is 7 percent, then the inflation rate is
a. -2 percent. b. 0.4 percent. c. 2 percent. d. 12 percent.
Points that lie below the production possibilities curve are inefficient because:
A. producing more of one good means producing less of the other. B. more of one good could be produced without producing less of the other. C. producers face scarcity. D. too many goods are being produced.
The market basket approach:
A. gives us a single number to measure how much your total costs for all goods and services change over time. B. is how economists monitor trends in what people like to buy from year to year. C. is equivalent to simply averaging the increase in the price of each grocery item. D. measures changes in the cost of a fixed shopping basket, assuming that typical consumer buys the same items in the same quantities.
The ________ part of a perfectly competitive firm's marginal cost curve that is equal to or above points on its average variable cost curve is the firm's short-run supply curve.
A. backward bending B. horizontal C. declining D. rising