Which one of the following would cause an increase in the demand for hotel rooms in Cacun?
A. a decrease in airfares to Cancun
B. an upward movement along the demand curve for stays in Cancun hotel rooms
C. a downward movement along the demand curve for stays in Cancum hotel rooms
D. an increase in airfares to Cancun
Answer: A
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The term "market" in economics refers to
A) a group of buyers and sellers of a product and the arrangement by which they come together to trade. B) a legal institution where exchange can take place. C) an organization which sells goods and services. D) a place where money changes hands.
If a firm's price-earnings ratio is relatively low, then it might be an indication that
a. the demand for the stock is relatively high. b. the supply of the stock is relatively low. c. people expect the firm's earnings to rise. d. people expect the firm's earnings to fall.
The difference between the amount consumers would be willing to pay and the amount they actually pay for a good is called
a. price elasticity of demand. b. consumer surplus. c. the substitution effect. d. income elasticity of demand.
Pollution rights may be traded if
A. polluters try to hide pollution. B. administrators are uncertain about Pigouvian taxes. C. there is no market for pollution. D. pollution is harmless.