Luke recently attended a large pop culture convention in another state. What would be the money costs Luke incurred to attend the show?
a. the payments for the pass, airline ticket, and hotel bill
b. the time he could have spent improving his musical ability
c. the virus he caught at the crowded convention
d. the annoyance of airport lines and security checks
a. the payments for the pass, airline ticket, and hotel bill
You might also like to view...
Economists Robert Jensen and Nolan Miller reasoned that to be a Giffen good, with an income effect larger than its substitution effect, a good must be ________ and make up a ________ portion of a consumer's budget
A) an inferior good; very small B) a normal good; very large C) an inferior good; very large D) a normal good; very small
Considering the concept of cross-price elasticity, if two goods are complements:
A. an increase in the price of one will cause a decrease in the demand for the other. B. an increase in the price of one will cause an increase in the demand for the other. C. a decrease in the price of one will cause a decrease in the demand for the other. D. the cross-price elasticity is positive.
The population growth rate is 1 percent in Maria’s country and 3 percent in Daniel’s country? Which statement about their countries is most likely true?
a. People in Daniel’s country are generally wealthier than people in Maria’s country. b. Families in Maria’s country have better access to medical care than families in Daniel’s country. c. Women in Maria’s country have lower opportunity costs associated with raising children than women in Daniel’s country. d. Women in Daniel’s country are generally better educated than women in Maria’s country.
Refer to the table above. If planned investment is $18 billion, then at the $660 billion level of disposable income, there will be an:
The data below are for a private (no government) closed economy. All figures are in billions of dollars.
A. Unplanned increase in inventories of $12 billion
B. Unplanned increase in inventories of $30 billion
C. Unplanned decrease in inventories of $12 billion
D. Unplanned decrease in inventories of $30 billion