When economists look at the percentage change in quantity demanded for air travel generated by a change in income, they are looking at the
a. price elasticity of demand for air travel
b. income elasticity of demand for air travel
c. price elasticity of demand for airline tickets
d. cross elasticity of demand for airline tickets
e. cross elasticity of demand for airline travel
B
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In the economic way of thinking,
A) buyers compete against other buyers, sellers cooperate with other sellers, and buyers cooperate with sellers. B) buyers cooperate with other buyers, sellers cooperate with other sellers, and buyers compete with sellers. C) buyers compete against other buyers, sellers compete against other sellers, and buyers cooperate with sellers. D) buyers cooperate with other buyers, sellers cooperate with other sellers, and buyers cooperate with sellers.
Methods of rent seeking include which of the following? I. Buying a monopoly II. Creating a monopoly III. Price discrimination
A) I and II B) I and III C) II and III D) III only
An isocost line represents:
A) all the combinations of inputs to a production process that result in the same total costs of production. B) all the combinations of inputs that result in the same amount of output. C) all of the combinations of two inputs for which the amount of money spent on each of the inputs is equal. D) all of the levels of output that result in the same total cost.
The following is an example of adverse selection
a. A majority of those applying for well paid jobs are well qualified b. More reckless drivers opt for cars with more safety devices c. Individuals living in less secure neighborhoods want to buy less insurance d. Individuals with a strong family history of heart diseases opt to buy less insurance