Refer to Table 20-14. The real average hourly earnings for 1965 in 1982-1984 dollars equal
A) $1.28. B) $6.49. C) $8.28. D) $15.45.
C
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Price discrimination is when a firm charges:
A. the same price to all consumers. B. different prices for different goods to different consumers. C. different prices for the same goods to different consumers. D. None of these is correct.
Suppose the U.S. government encouraged consumers to trade in their old automobiles for more efficient, new models by paying up to $5,000 for the old automobiles. These consumers who did trade in their old automobiles to take advantage of the government
offer would be exemplifying the economic idea that A) people are rational. B) people respond to economic incentives. C) optimal decisions are made at the margin. D) equity is more important than efficiency.
The above figure gives your budget line between CDs and magazines. Which of the following changes would NOT allow you to buy more CDs?
A) a decrease in the relative price of CDs B) an increase in income C) a decrease in the price of magazines with no change in the price of CDs D) None of the above answers is correct because all of the above changes allow you to buy more CDs.
What is the divine coincidence? When and why does it not hold true?
What will be an ideal response?