Refer to the information provided in Table 22.6 below to answer the question(s) that follow.
Table 22.6
Refer to Table 22.6. If 2015 is the base year, the price index in 2015 is
A. 1000.
B. 100.
C. 10.
D. 1.
Answer: B
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If a firm offers a senior citizen discount,
A) the firm expects the average senior citizen to have a lower price elasticity of demand. B) the firm expects the average senior citizen to have a higher price elasticity of demand. C) senior citizens may be offended. D) it may be prosecuted for discrimination.
Assume Roger's income to spend on books and movie tickets is $48, and his budget constraint is represented by line B. What would cause his budget constraint to move to A?
A. Roger gets a raise at work.
B. Roger gets unlimited coupons for $2 off the price of a movie ticket.
C. The price of movie tickets increases to $8.
D. None of these changes would cause Roger's budget constraint to move from B to A.
Which of the following statements is true?
A. Corner solutions always satisfy the tangency condition. B. Interior solutions may or may not satisfy the tangency condition. C. Interior solutions always satisfy the tangency condition. D. Whenever the consumer purchases good X but not good Y, then MRSXY ? PX/PY at the chosen bundle.
Related to the Economics in Practice on p. 83: The true cost of the Shakespeare in the Park tickets is
A. the additional cost to the city of extra security. B. $0 plus the opportunity cost of the time spent in line. C. the cost to put on the performance. D. zero.