What degree of income elasticity of demand would you expect for summer holiday breaks to an exotic destination? Explain your reasoning in a few sentences.
1.What degree of income
2.Consider the markets for pizza delivery services in Vienna, hotel accommodation in Krems and train travel in Austria. Define the market types
3.
Consider an independently run hotel in Krems and briefly discuss how it might be affected by the following scenarios:
a) A rise in interest rates
b) A fall in
c) A fall in the exchange rate (i.e., the value of the euro decreases)
d) A rise in inflation
4.Explain why tourism satellite accounts are useful and give examples for direct and indirect effects (two examples for each).
5.
From 2015-2019, the Austrian accommodation and food services industries have grown in real terms by 4.1 %, the Austrian economy as a whole has grown by 8.7 %. Which of the following statements is true?
a) Total production of the accommodation and food services industries in 2019 was larger than in 2015.
b) Total production of the accommodation and food services industries has grown faster than the rest of the economy.
c) The question can’t be answered because inflation is not corrected for.
d) From the given numbers it follows that the sum of tourism receipts has grown during the respective period.
e) During that period the contribution of the accommodation and food services industries to the Austrian economy has relatively decreased.
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