From the economic point of view, why will an avid downhill skier devote many hours to reading, comparing, and testing a new pair of ski boots but only a few hours to deciding who to vote for in the state senator race?
A) Ski boots are ultimately more important to society than state senators.
B) He needs new ski boots; he does not need a new state senator.
C) In his estimation, being highly informed about ski boots is a better use of his time compared to being highly informed about potential state senators.
D) He is selfish.
C
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During 1980-2010, the per-capita incomes of less-developed countries (LDCs)
a. grew rapidly. b. declined. c. were virtually unchanged. d. registered a mixed growth record; some grew rapidly while others stagnated.
For a competitive, profit-maximizing firm, the demand curve for labor will shift in response to a change in the
a. wage rate. b. quantity of labor demanded. c. price of the product that the firm sells. d. an increase in the supply of labor.