Many people leave their servers tips in restaurants, even when they are not likely to visit the restaurant again. This is evidence that
A) people would rather pay for good service at an inexpensive restaurant than pay higher prices and receive poor service at an expensive restaurant.
B) people treat others fairly even if doing so makes them worse off financially.
C) there has been an improvement in the service people receive in restaurants over time, partly because the restaurant industry has become more competitive.
D) people enjoy eating at restaurants more than eating at home.
B
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The above table contains information about the nation of Syldavia. There are no income taxes or imports in this nation. The equilibrium expenditure is
A) $25 billion. B) $10 billion. C) $15 billion. D) $20 billion. E) $30 billion.
Describe the potential negative effects of an additional tax on the sale of all-terrain vehicles (ATVs) within the United States
What will be an ideal response?
When there is multicollinearity in an estimated regression equation,
a. the coefficients are likely to be small. b. the t-statistics are likely to be small even though the R2 is large. c. the coefficient of determination is likely to be small. d. the problem of omitted variables is likely. e. the error terms will tend to have a cyclical pattern.
Which of the following would be of particular interest to a microeconomist?
a. The price of fruit the typical household consumes. b. The nation's inflation rate. c. The nation's rate of unemployment. d. The budget of the national government. e. The growth of the economy.