A good example of a price floor is:
a. rent controls on apartments in major cities.
b. general admission tickets to concerts.
c. the minimum wage law.
d. food stamp regulations.
e. rock concert tickets.
c
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When economic growth in a large country lowers its willingness to trade, it can result in
A. an improvement in the country's terms of trade. B. the Dutch Disease. C. immiserizing growth. D. a biased growth.
A group price discriminator sells its product in Florida for three times the price it sets in New York. Assuming the firm faces the same constant marginal cost in each market and the price elasticity of demand in New York is -2.0, the demand in Florida
A) has an elasticity of -6.0. B) is more price elastic than the demand in New York. C) has an elasticity of -1.2. D) has an elasticity of -0.67.
Which types of industries are hit hardest by a recession? Explain.
What will be an ideal response?
Which of the following best defines rational behavior?
A. Seeking to maximize total gain regardless of cost B. Analyzing the total gains from a decision C. Seeking to gain by choosing to undertake actions as long as the marginal costs exceed the associated marginal benefits D. Improving net gain by pursuing decisions as long as the marginal benefits exceed the marginal costs