Tourists in foreign countries are often charged more for hand-made items at tourist shops compared to the local customers. Why?
A) The tourists are typically less informed than the local customers.
B) The tourists typically have fewer available alternatives compared to the local customers.
C) The shop owners can usually identify tourists.
D) For all of the above reasons.
D
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The informal sector exhibits
(a) free entry (b) labor intensive methods (c) small, competitive firms (d) all of the above
Oil is an input used to produce gasoline. An increase in the price of oil would be represented by:
A. a leftward shift of the supply curve for gasoline. B. a rightward shift of the supply curve for gasoline. C. a movement up and to the right along the supply curve for gasoline. D. a movement down and to the left along the supply curve for gasoline.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. is efficient and attainable. B. cannot be produced with the current state of technology. C. represents underallocation of resources. D. represents what the people want.
Suppose the U.S. GDP growth rate is faster relative to other countries' GDP growth rates. This will
A) shift the aggregate demand curve to the left. B) move the economy up along a stationary aggregate demand curve. C) shift the aggregate demand curve to the right. D) move the economy down along a stationary aggregate demand curve.