”Peak” pricing can best be defined as
A. setting higher prices to reflect higher demand.
B. pricing to obtain maximum profit.
C. setting price higher when demand is more elastic.
D. raising price to determine elasticity.
Answer: A
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If the best lawyer in town is also the best at operating a word processor, then according to economic reasoning, this person should
A) split her time evenly between being a lawyer and a word processor. B) specialize in being a word processor because it is more capital-intensive. C) specialize in being a lawyer because its opportunity cost is lower. D) should pursue the activity she enjoys more.
What is meant by expected value? How is it calculated?
What will be an ideal response?
In the consumption function model, the 45-degree line represents where
A) the real disposable income is equal to zero. B) planned real saving is equal to zero. C) planned real consumption spending is equal to zero. D) planned real saving is greater than actual real savings.
Which of the following is the best definition of openness?
a. The average of imports expressed as a share of GDP. b. The average of goods traded in markets expressed as a share of GDP. c. The average of imports and exports expressed as a share of GDP. d. The average trade balance expressed as a share of GDP. e. The average of exports expressed as a share of GDP.