Annabelle lives in a wealthy country, while Stacy lives in a poor country. Which statement about their situations is most likely true?
a. Stacy has many siblings, while Annabelle has few or none.
b. Stacy’s opportunity costs for raising children are high.
c. Annabelle has many siblings, while Stacy has few or none.
d. Annabelle’s opportunity costs for raising children are low.
a. Stacy has many siblings, while Annabelle has few or none.
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A ski resort is clearly "selling short" when it
A) charges lower prices for weekday lift tickets compared to weekend lift tickets. B) offers children and senior citizens discounts on lift tickets. C) charges a two-for-one special on Monday nights only. D) offers a discounted season ticket that must be purchased before the ski season opens.
After a number of acquisitions, Air American controls 75 percent of the U.S. market. It has been charged with “monopolizing” the U.S. air markets by the Justice Department. In its defense, the airline would want to introduce evidence that
A. cross elasticities for air and rail travel were very high. B. income elasticities for air and rail travel were very high. C. price elasticity for air, rail, and auto travel were negative. D. management always considered the public interest when setting prices.
National Income is obtained by
a. subtracting capital consumption allowance from GDP. b. adding all the earnings of productive resources in a given period. c. subtracting personal taxes from personal income. d. adding personal savings and personal consumption expenditures.
According to the graph shown, if this economy were to open to trade, consumers would:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. enjoy a net gain to surplus of DEFG.
B. suffer a net loss to surplus of DEFG.
C. suffer a transfer of surplus to the producer of DEFG.
D. experience deadweight loss of FG.