Capital deepening occurs only when there is an increase in the physical capital per worker in a society
a. True
b. False
Indicate whether the statement is true or false
False
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"30 people camp on the sidewalk in 10 degree weather for Phish reunion concert tickets, sold only at the door." In the economic way of thinking, the people camping out are
A) competing against other Phish fans for concert tickets. B) taking what they believe is an efficient strategy for acquiring a scarce good. C) planning to cooperate with the sellers of the concert tickets. D) doing all the above.
In the years after 1998, the most severe recession occurred during
A) 1998. B) 2000-2001. C) 2008-2009. D) 1999-2001. E) 2005.
Which of the following about price discrimination is true?
a. A price-discriminating seller will charge consumers with an elastic demand a lower price than consumers with an inelastic demand. b. A firm must face a horizontal demand curve for its product in order to engage in effective price discrimination in a market. c. Price discrimination always harms consumers and helps sellers in the short run but in the long run, consumers benefit at the expense of sellers. d. A seller must have a monopoly in order to gain from price discrimination.
Suppose two variables are directly related. If one variable rises, then the other variable:
a. remains unchanged. b. falls. c. also rises. d. reacts unpredictably.