Amusement parks often offer discounts to locals with IDs. This is an example of
a. A direct discrimination scheme
b. An indirect discrimination scheme
c. Diminishing marginal returns
d. Vertical integration
a
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Inflation at a rate that exceeds 50 percent per month is called
A) megainflation. B) hyperinflation. C) super inflation. D) extreme inflation. E) skyflation.
For a particular good, a 5 percent increase in price causes a 2 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?
a. There are many close substitutes for this good. b. The good is a luxury. c. The market for the good is broadly defined. d. The relevant time horizon is long.
Briefly explain the four rationales for efficiency wages
In computing GDP, new home construction adds to
A. consumption. B. investment. C. government spending. D. net exports.