According to the Rule of 70, it will take 4 years for real GDP per capita to double when the growth rate of real GDP per capita is
A) 4 percent. B) 12.25 percent. C) 17.5 percent. D) 28 percent.
Question 2
Arnold Marion, a first-year economics student at Fazer College, was given an assignment to find an example of price discrimination and present it to his class.
When asked for his example Arnold said I went to a Milwaukee Brewers baseball game with my cousin last week. We paid 25 each for our seats in left field. My aunt and uncle paid 50 each for their tickets; they sat five rows behind the first base dugout. This is an example of price discrimination since we paid different prices for the same product, and the differences were not due to differences in costs. How would Arnold's economics instructor assess Arnold's example?
A) He would agree with Arnold that he had found an example of price discrimination, but would add that arbitrage would occur if ticket scalpers sold Brewers tickets for more than the prices Arnold and his uncle paid.
B) He would agree with Arnold that he had found an example of price discrimination and would explain that the elasticity of demand for Brewers tickets is different for Arnold and his uncle.
C) He would disagree with Arnold's example because there were differences in transactions costs for the 50 tickets and the 25 tickets.
D) He would disagree with Arnold's example because the 25 seats and the 50 seats were not the same products.
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