All of the following location characteristics can result in higher worker salaries except which one?
A) unpleasant work conditions
B) poor climate
C) low cost of living
D) long commute time
C) low cost of living
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The expenses you encounter when you buy in one market and sell in a distant market are known as
A) transactions costs. B) sunk costs. C) fixed costs. D) production costs.
Over the post-war era, the gaps between countries' living standards
A) disappeared. B) stayed the same. C) increased. D) decreased. E) changed inconsistently.
Suppose Rebecca needs a dog sitter so that she can travel to her sister's wedding. Rebecca values dog sitting for the weekend at $200 . Susan is willing to dog sit for Rebecca so long as she receives at least $175 . Rebecca and Susan agree on a price of $185 . Suppose the government imposes a tax of $30 on dog sitting. What is the deadweight loss of the tax?
a. the maximum value that Rebecca would pay for dog sitting b. the $30 tax c. the lost benefit to Rebecca and Susan because after the tax, Susan will not dog sit for Rebecca d. the lost benefit to Rebecca of being unable to hire a dog sitter because Rebecca is the one who would pay the tax
From Example 1.2 in the textbook, Pindyck and Rubinfeld distinguish between the mass market and dealer market for bicycles. Although there are many dealers in the U.S. and only a few mass merchandisers, we should expect the dealer market to be somewhat less competitive than the mass market. Why?
D B and C are correct. A Due to their differences in quality and performance, dealer bicycles are not close substitutes. (A) C Dealers are small sellers and have little control over bicycle prices. B The geographic extent of the market for dealer bicycles is typically small, so the individual sellers do not have many local competitors. (B) E A and B are correct.