Suppose an airline ticket from Portland to Orlando costs $760 . A bus ticket costs $360 . Traveling by plane will take 6 hours, compared with 26 hours by bus. Other things constant, the minimum value of one's time that would induce a rational individual to fly rather than drive would be
a. $18 per hour.
b. $20 per hour.
c. $38 per hour.
d. $44 per hour.
B
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If macaroni and cheese is an inferior good, then a decrease in income will result in
A) an increase in the demand for macaroni and cheese. B) a decrease in the demand for macaroni and cheese. C) an increase in the supply of macaroni and cheese. D) a decrease in the supply of macaroni and cheese.
Have redistribution programs decreased poverty since 1968? Discuss the role of program administrators and their bureaus in explaining your answer
What will be an ideal response?
Total surplus in a market does not change when the government imposes a tax on that market because the loss of consumer surplus and producer surplus is equal to the gain of government revenue
a. True b. False Indicate whether the statement is true or false
The process of using resources to produce new capital is
A. research and development. B. investment. C. economic growth. D. consumption.