Amusement parks often offer coupons to the local market that are not available to tourists. This is an example of
a. Direct discrimination scheme
b. Indirect discrimination scheme
c. Both of the above
d. None of the above
b
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Fantastic growing conditions that produce a bumper crop of oranges on each tree this year will definitely make the short run supply of oranges more price elastic
Indicate whether the statement is true or false
If the Fed raises the interest rate, this will ________ inflation and ________ real GDP in the short run
A) reduce; lower B) reduce; raise C) increase; raise D) increase; lower
How does slow price adjustment, as assumed in Keynesian models, result in real economic variables being affected by nominal variables?
What will be an ideal response?
John has an economics test tomorrow. He must study and has planned the rest of his day so that he can fit some study time in. He has decided to go to the gym and then study for several hours. Which of the following statements is TRUE?
A) John did not use the economic way of thinking because his decision on how to allocate his time did not involve money. B) John's decision on how to allocate his time is inconsistent with the rationality assumption since he has decided to go to the gym. C) John's decision on how to allocate his time is consistent with the rationality assumption since the decision is intended to make him better off. D) John's decision does not involve his pursuit of self-interest.