Other things constant, which of the following would tend to decrease the demand for Disney World vacations?
A) A rise in the price of Hawaiian vacations (a substitute for Disney World)
B) A rise in income, if Disney World vacationing is a inferior good
C) A fall in the price of air travel (a complementary good)
D) New information that Disney World will raise its prices after this summer
E) All of the above.
B
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The marginal principle states that one should
A) increase the level of an activity if the marginal benefit exceeds its marginal cost. B) if possible, pick the level at which the marginal benefit equals the marginal cost. C) decrease the level of an activity if the marginal cost exceeds the marginal benefit. D) all of the above
An international conference in Bretton Woods, New Hampshire, in 1944 resulted in the formation of:
a. the European Union in 1945. b. the Kyoto Agreement in 1971. c. the General Agreement on Tariffs and Trade (GATT) in 1947. d. the International Red Cross in 1955.