Many hotel chains offer senior citizen discounts to members of AARP. This suggests that the hotels believe that senior citizens have a ________ demand for hotel rooms than non-seniors.
A. smaller
B. greater
C. more elastic
D. less elastic
Answer: C
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To increase income by $120 when the slope of the curve showing the relationship between your income and work hours is 8, how many extra hours will you need to work?
A) 8 B) 15 C) 112 D) 960
When you buy a hamburger for lunch, you are using money as a
A) store of value. B) standard of deferred payment. C) medium of exchange. D) unit of accounting.
The law of diminishing marginal utility implies that the marginal utility of my fifth hot dog is less than the marginal utility of my second soda, other things constant
a. True b. False Indicate whether the statement is true or false
If Congress wanted to counteract the effects of a recession it could
A) increase government purchases. B) increase tax rates. C) increase taxes by a fixed amount. D) decrease defense spending.