Everyone agrees that globalization causes greater income inequality between rich and poor countries
Indicate whether the statement is true or false
False
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The Internet has made it possible to compare lots of prices without incurring a lot of cost. If Internet access is unequally distributed throughout the population, one would expect
A) consumers with Internet access to pay a higher price. B) consumers without Internet access to pay a lower price. C) price discrimination against consumers without Internet access. D) firms to charge the same price to all consumers.
When there is an increase in the wage rate there will be
a. both a substitution effect and an income effect. b. only a substitution effect. c. only an income effect. d. either a substitution effect or an income effect.
There are two restaurants that serve equally good Mexican food in a small college town. One of them charges an average of $7 per plate, and usually you have to wait an hour to be seated. The other restaurant charges an average of $9 per plate, and you can usually be seated right away. How does the cost of consumption compare across these two restaurants?
a. For people with a very high opportunity cost of time compared to others, the restaurant with the higher money price makes more sense because they are willing to accept a higher money price in return for a lower time price. b. For people with a low opportunity cost of time compared to others, the restaurant with the higher money price makes more sense because they do not have to pay a high time price. c. For people with a very high opportunity cost of time compared to others, the restaurant with the lower money price makes more sense because they are relatively more willing to pay a high time price. d. The restaurant with the lower money price makes more sense to both high opportunity cost of time and low opportunity cost of time consumers.
Difference between Sociology and Psychology
What will be an ideal response?