If at a price of $24, Octavia sells 36 home-grown orchids and at $30 she sells 24 home-grown orchids, the demand for her orchids is
A) inelastic. B) unit elastic. C) perfectly elastic. D) elastic.
D
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Airlines that charge higher prices for customers who purchase their tickets at the last minute are:
A. not price discriminating because the cost of the ticket is not the same. B. lowering total economic surplus. C. perfect price discriminators. D. price discriminating by identifying passengers with higher reservation prices.
A shift of the demand curve for a good occurs whenever new technologies make inputs used in producing that good available at lower prices.
Answer the following statement true (T) or false (F)
Which of the following is an example of the shoeleather costs of inflation?
a. Tito's Restaurant has to print new menus to update its prices compared to other prices in the economy b. Beto sells stocks and earns a real capital gain of $50, but is taxed for the nominal capital gain of $75 c. During Bolivia's hyperinflation, workers rushed to immediately convert their wages from pesos to black-market dollars d. The after-tax real interest rate is lower when inflation is higher
If the error term is correlated with any of the independent variables, the OLS estimators are:
A. biased and consistent. B. unbiased and inconsistent. C. biased and inconsistent. D. unbiased and consistent.