Roughly 160 million people in the United States hold jobs.
Answer the following statement true (T) or false (F)
True
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A student was heard to remark, “Even though I am certain to fail this course, I cannot withdraw from it since it is too late to get back my tuition.” Use one or more “Ideas for Beyond the Final Exam” to analyze this reasoning.
What will be an ideal response?
Which of the following characteristics would describe a product with an elastic demand?
A. The good has many different uses and many substitutes for the product exist. B. The good has relatively few uses and few substitutes for the product exist. C. The good is considered a luxury and few substitutes for the product exist. D. The good has many different uses and the price of the product is low relative to the buyer's income.
Joseph Gallo poured two glasses of wine from the same bottle but put a more expensive price tag on one glass than on the other. He let people test both and asked them which they wanted, and most wanted the more expensive glass, not knowing that both had come from the same bottle. This result indicates that firms should:
A. be careful about lowering the price of their product, because consumers may assume that a lower price means lower quality. B. always raise the price of their product. C. never lower the price of their product. D. be careful about raising the price of their product, because the law of demand is always valid.
A point that lies inside the production possibilities curve reflects:
a. a failure to achieve full employment. b. too many resources being allocated to the production of one good. c. an efficient use of resources. d. unattainable combinations of output.