Which of the following would not be categorized as a form of third-degree price discrimination?

Group pricing.

Versioning.

Promotional pricing.

Personalized pricing.

If one is interested in comparing the economic well-being of citizens across countries which of the following measures would be the most useful: (5 Marks)*

5 points

real GDP per capita

CPI

real GDP

GDP Deflator

Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. This would (7 Marks)*

7 points

increase the measured labor force participation rate.

decrease the number of persons in the labor force.

increase the measured unemployment rate.

decrease the number of persons in the working-age population.

Assume the firms in a monopolistically competitive industry initially are earning positive economic profits. Which of the following will not occur over time? (3 Marks)*

3 points

New firms will enter.

Demand for the existing firms' output will become more inelastic.

The firms' economic profits will be reduced.

The number of substitutes available in the industry will increase.

To compute GDP: (5 Marks)*

5 points

sum the cost of producing final goods and services.

sum the market values of final goods and services.

use a weighted average by a survey regarding how much people value different goods and services.

simply sum the number of final goods and services.

The market value of all currently produced final goods and services within a county in a given period of time by domestic and foreign supplied resources is called: (5 Marks)*

5 points

GDP.

NNP.

none of the above.

GNP.

The goal of "personalized pricing" is to determine how much each individual customer is willing to pay for a product. As such, it is an application of (6 Marks)*

6 points

third-degree price discrimination.

second-degree price discrimination.

first-degree price discrimination.

markup pricing.

The suggestion that a seller will try to set price based on "what the market will bear" is explicit recognition of the constraint imposed by: (4 Marks)*

4 points

the need for most firms to earn positive economic profits over time if they are to remain in business.

the firm's competitors.

the price elasticity of demand for that item.

the firm's marginal cost of production.