Those who see the matinee have a demand for movies that is on average _____________ elastic than those who see the evening show.
a. more
b. less
c. equally
d. either more or less depending on the characteristics of the consumer
a. more
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Which of the following should be increased during a recession?
A) Income taxes B) Government spending C) Real interest rates D) Nominal interest rate
People base their labor supply on the ________ because they care about ________
A) real wage; what their earnings will buy B) real wage; the equality of money wages and the price level C) money wage; a surplus of labor D) money wage; the amount of labor firms demand
If the income elasticity of demand for spaghetti is -1.3, then spaghetti
A) is a normal good. B) is an inferior good. C) has an elastic demand. D) is income elastic.
Which of the following does NOT help organize trade?
A) property rights B) markets C) the production possibilities frontier D) None of the above because all these answers given help organize trade.