"Property rights" can usefully be thought of as
What will be an ideal response?
rules of the game that facilitate social cooperation.
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If the price of a certain brand of sneakers falls from $27.50 to $22.50, and the quantity demanded by consumers increases from 15 to 25 pairs per week, then the price elasticity of demand is
a. 0.25 b. 1.00 c. 2.75 d. 1.50 e. 2.50
If the price effect outweighs the income effect of a wage increase, the quantity of labor supplied will:
A. be negative. B. remain the same. C. increase. D. decrease.
Disney World decides to charge local residents a lower price than other park visitors. This would fall under which field of economics?
A. Macroeconomics B. Microeconomics C. Customer service D. Public policy
When there are economies of scope between two products which are separately produced by two firms, merging into a single firm can:
A. lead to a reduction in sales. B. accomplish a reduction in costs. C. lead to an increase in cost. D. accomplish an increase in sales.