Many hotel chains offer senior citizen discounts to members of AARP. This suggests that the hotels believe that senior citizens have a ________ demand for hotel rooms than non-seniors.
A. smaller
B. greater
C. more elastic
D. less elastic
Answer: C
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The government's authority to take private property for public use is referred to in economics as a land grab
Indicate whether the statement is true or false
Consider an apple orchard owner deciding how to incentivize his fruit pickers. He pays per pound harvested but adjusts the compensation rate higher during poor harvest seasons. As a consequence
a. The compensation rate should be fixed at all times b. The pickers might try to game the system by discouraging others from harvesting too much c. The pickers would claim good harvests in order to be paid higher piece rates even during poor harvest seasons d. None of the above
Which fundamental economic question requires society to choose the technological and resource mix used to produce goods?
A. The What to Produce question. B. The Why to Produce question. C. The How to Produce question. D. The For Whom to Produce question.
As a result of pure free trade in a commodity, the
A. price of the commodity must be the same in all countries. B. total quantity imported will exceed the total quantity exported. C. price of the commodity will be higher in the producing country. D. price of the commodity will be lower in the producing country.