In the table shown above, the total cost of the market basket in 2015 was
A) $6.00.
B) $8.50.
C) $60.00.
D) $85.00.
D
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Which of the following best explains why airlines often cut their ticket prices at the last-minute in order to fill the remaining empty seats on their flights?
A) The Federal Aviation Administration ranks each airline based on the percentage of flights that are fully booked. These rankings affect the decisions of firms to use a particular airline to fly their employees to business meetings. B) Fixed costs in the airline industry are very large, but the marginal cost of flying one more passenger is very low. C) Airlines receive a subsidy from the government for each flight that is fully booked and departs on time. D) Cutting prices makes the airlines more popular with their customers, who may fly with the same airline in the future as the result of buying low-price tickets.
Which of the following does not result in a change in the demand for foreign currency?
a. c and d. b. changes in income. c. changes in foreign currency supply. d. changes in the foreign exchange rate. e. changes in the interest rate.
If long-run costs are plotted on the vertical axis and the quantity of output is plotted on the horizontal axis, a line that is perfectly horizontal implies:
a. constant returns to scale. b. economies of scale. c. diseconomies of scale. d. inefficient use of capital. e. inefficient use of labor.
Marginal land is land on the borderline of
a. producing revenue. b. being used profitably. c. producing economic rent. d. a facility that produces output.