Movie theaters charge lower prices to children and senior citizens because
a. they feel sorry for them.
b. they go to more movies, so they get price breaks.
c. their elasticity of demand for movie tickets is higher.
d. they have more time to attend movies.
C
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Assume equilibrium at full employment for an economy characterized by the simple Keynesian model. If the government raises taxes to eliminate a budget deficit, then
A) the rate of unemployment will increase. B) the level of aggregate output will increase. C) the price level will increase. D) the rate of interest will fall.
Gross domestic product (GDP) equals the ________ of final ________ produced within a country during a given period of time.
A. market value; goods and services B. quantity; goods and services C. market value; goods D. market value; services