Price discrimination occurs when:
a. firms maximize their profit by setting price equal to marginal cost.
b. a seller charges different prices to different consumers of the same product or service.
c. a seller charges the same price to consumers of a different product or service.
d. a seller charges different prices to consumers, discriminating by race or gender of the consumer.
b
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The inflation tax is primarily a tax on
A) government bonds. B) Social Security recipients. C) money. D) real income.
A person who has taken medical leave is
A) in the labor force. B) not in the labor force. C) unemployed. D) a job leaver.
For the most part, trade between many countries:
A. is entirely unregulated or free. B. causes the well-being of some nations to win and others to lose. C. is regulated or restricted in some way. D. is free, with the notable exception of China.
The income velocity of money is the absolute number of times, on average, that
A. each one-unit increase in the price level occurs. B. each unit of real Gross Domestic Product (GDP) is produced by business firms. C. each monetary unit is spent on final goods and services. D. people purchase goods and services during a year.