For which of the following products would price discrimination be most difficult?
a. photograph developing
b. tooth extractions
c. airline tickets
d. beer
e. college education
D
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The long run is a period of time in which
A) all factors of production are variable. B) all factors of production are fixed. C) some but not all factors of production are fixed. D) some but not all factors of production are variable.
Hermione and Ron are at a sweet shop in London. Hermione looks at the prices of ice cream and chocolate bars and says to Ron: "I can tell you what your marginal rate of substitution between ice cream and chocolate bars is at your best affordable
point." "No, you can't," says Ron. "You don't know my preferences and how much money I have." "I don't need to know all this because I know the prices," Hermione replies. Is she right? Explain.
The institution that is responsible for maintaining international monetary stability is the:
A. International Monetary Fund. B. World Bank. C. United Nations. D. International Reserve Bank.
The lowest the poverty rate has been during the last 50 years was in
A. 1960. B. 1967. C. 1973. D. 1979.