Related to the Economics in Practice on Page 280: the Foreign

question 149

Multiple Choice

Related to the Economics in Practice on page 280: The foreign visitors to the temples of Laos are typically much richer than the local Laotians. This tends to make the foreign visitors ________ buyers when it comes to ticket prices to enter the temples.

• A) perfectly elastic
• B) more elastic
• C) less elastic
• D) perfectly inelastic

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Definitions:

Senior Citizens

Individuals of an older age, typically those who are retired from work and over the age of eligibility for certain age-related benefits and discounts.

Political Power

The capacity or ability of a person or group to influence or control the actions and decisions of others within a political system.

Income Security Programs

Government initiatives designed to ensure individuals have a basic level of income, thereby reducing poverty and aiding those unable to work.

Poverty Rates

The percentage of the population living below the poverty line, a measure that indicates the extent of economic hardship in a society.