The demand for luxury suites at basketball games is more elastic if
A) these suites are a necessity.
B) these suites are a luxury item.
C) few close substitutes exist for these suites.
D) basketball fans have little time to look for alternative suites.
E) poorer fans cannot afford luxury suites.
B
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Since the period following World War II (the early 1950s), the proportion of most countries' production being used in some other country
A) remained constant. B) increased. C) decreased. D) fluctuated widely with no clear trend. E) increased slightly before dropping off.
The adoption of capital controls makes
A) everyone in the domestic economy better off. B) some domestic residents better off and some worse off, although on average welfare increases. C) some domestic residents better off and some worse off, although on average welfare decreases. D) everyone in the domestic economy worse off.