Which of the following is an example for group price discrimination?
A) a BMW selling for more than a VW
B) local residents receiving a discount at the local golf course
C) the fact that a razor is cheap and blades are expensive
D) a hotel charging more for a room if the customers bring pets
B
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Which of the following is true of expected inflation?
a. It increases the efficiency of the economy. b. It is more of a problem than unexpected inflation. c. It results in lower prices over time as people make adjustments. d. It is not a major problem if people can make the right interest rate and income level adjustments. e. It is necessarily tied to a decline in purchasing power.
For advanced nations, the average annual rate of growth of real per capital GDP
A. has shown random patterns since 1981. B. was lower during the 1981-1999 period than during the 2000-2020 period. C. was roughly the same between the 1981-1999 period and the 2000-2020 period. D. was higher during the 1981-1999 period than during the 2000-2020 period.
The theory of comparative advantage implies that
B. two countries can have a comparative advantage in production of the same good. C. the world gains from trade since it allows production to move to the countries where their opportunity cost is lowest. D. the country with the comparative advantage also has an absolute advantage.
Expected wealth is a weighted average in which the weights are
A) average utilities. B) marginal utilities. C) total utilities. D) probabilities.