Jane is a top-level executive earning a high salary. Jane has just ordered a luxury car only to be told that she will have to wait three weeks for it to be delivered. Which of the following statements is TRUE?
A) The car is not a scarce good.
B) The car is an economic good.
C) The car is human capital.
D) The car is an intangible good.
B
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Consider an income tax and a head tax, the sizes of which have been set so that the government collects the same amount of money under each tax. Which tax does the consumer prefer?
a. The consumer is indifferent between the two taxes, since he pays the same amount of money under each tax.
b. The consumer prefers the head tax, because it does not lower the relative wage as does the income tax.
c. The consumer prefers the income tax, because it can be avoided by increasing the amount of leisure time consumed.
d. The consumer may prefer either tax, depending on whether the income tax increases or decreases the number of hours of work at the optimum.
If Cruise the World advertises a 30 day low-price guarantee that will refund any of its customers the difference between the price they paid for a cruise and a lower price offered by Cruise the World for the same cruise, this is an example of ________.
A) a meet-the-competition clause B) a most-favored-customer clause C) price visibility D) a meet-or-release clause
According to the special interest theory, the licensing of beauticians would be
a. desired by consumers in order to promote the public interest b. desired by beauticians in order to promote the public interest c. discouraged by all beauty salons, large or small d. desired by some beauticians in order to restrict entry into their profession e. done strictly at the initiative of the government
Suppose that the government reports the following information on violent crime in a certain area: there were 1100 incidents in the base year (2007) and 1155 incidents in 2008 . The person collecting these data wants to present them in the form of an index. What is the index for 2008?
a. 100.0 b. 110.0 c. 116.0 d. 105.0 e. 95.2