Economics in the News August 27, 2018 First study the news article linked below. Air Canada, WestJet raising_checked luggage fees . . . 1. What are the new prices for checked luggage on Air Canada and WestJet? The price for the first checked bag is and the price for the second checked bag is O A. $25; $30 O B. $50; $30 O C. $30; $50 O D. $30; $25 2. Is this news story a macroeconomic story or a microeconomic story? This news story is a story because A. microeconomic; it describes what happens in a single market-the market for air travel O B. microeconomic, WestJet and Air Canada are not owned by the Canadian government O C. macroeconomic; thousands of people are affected by the decision to charge more for checked bags O D. macroeconomic; it describes a decision that concerns air travel in Canada 3 What is your opportunity cost of checking one bag on Air Canada? Your opportunity cost of checking one bag on Air(3. What is your opportunity cost of checking one bag on Air Canada? Your opportunity cost of checking one bag on Air Canada bag is A. what you would have purchased with the money you used to check your bag O B. the marginal benefit you receive from checking the bag O C. greater than your opportunity cost of travelling on WestJet with one checked bag O D. the money you spent on checking your bag 4. If Sasha compares the benefit he receives from checking one bag with the cost of checking that bag, what type of analysis has Sasha undertaken? Sasha has undertaken A. rational analysis O B. normative analysis O C. positive analysis O D. marginal analysis 5. Raising baggage fees proves that Air Canada and WestJet are greedy What type of statement is this?5. Raising baggage fees proves that Air Canada and WestJet are greedy. What type of statement is this? This statement is O A. a normative statement because it expresses a value judgment O B. a normative statement because it is false O C. a positive statement because most people agree with it O D. a positive statement because it is true