Taking a limousine to a five-star restaurant in New York is a:
A. want to both Joe Average and Richie Rich.
B. necessity to Richie Rich but a luxury to Joe Average.
C. necessity to both Joe Average and Richie Rich.
D. want to Richie Rich and a luxury to Joe Average.
Answer: A
You might also like to view...
A reduction in a country's saving rate will tend to cause which of the following in the long run?
A) an increase in labor productivity B) an increase in the standard of living C) a reduction in economic growth D) an increase in per capita real GDP
The Justice Department is most likely to oppose a proposed merger on the basis of the Herfindahl-Hirschman Index when the post-merger HHI is:
A) less than 100. B) less than 1000. C) between 1000 and 1800. D) greater than 1800.
Identified departures from perfect rationality include:
A. incoherent choices. B. bias towards the status quo. C. anchoring. D. All of these are identified departures from perfect rationality.
The demand for money in an economy is high when the: a. real GDP is low
b. personal tax rate is low. c. unemployment rate is high. d. price level is high. e. interest rate is high.