The following are possible examples of price discrimination, EXCEPT:
a. prices in export markets are lower than for identical products in the domestic market.
b. senior citizens pay lower fares on public transportation than younger people at the same time.
c. a product sells at a higher price at location A than at location B, because transportation costs are higher from the factory to A.
d. subscription prices for a professional journal are higher when bought by a library than when bought by an individual.
c
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Suppose Indiana produces only steel and corn, with fixed amounts of land, labor, and capital resources. Which scenario best sets the stage for economic growth?
A) The unemployment rate in Indiana rises from 5% to 6%. B) The Midwest has a devastating drought. C) The percentage of Indiana residents with a college degree rises from 25% to 30%. D) The United States imports more and more low-cost steel from Asian countries.
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.
In constructing models, economists:
A. make simplifying assumptions. B. include all available information. C. must use mathematical equations. D. attempt to duplicate the real world.
In which of the following is the problem of asymmetric information least likely?
A. a patient and an insurance provider B. a job applicant and a prospective employer C. an auto mechanic and a transient customer D. a retailer of used books and prospective customers