Suppose that Ron paid a scalper (a seller in the black market for tickets) $300 for a ticket to see the Rolling Stones and his true willingness to pay was $500. We can be sure that
a. the ticket scalper extracted all the possible consumer surplus from Ron
b. Ron's consumer surplus was low because he paid more than face value for the ticket
c. Ron's consumer surplus was the $60 face value of the ticket
d. Ron's marginal-utility-to-price ratio for the concert was extremely high compared to that for other
goods
e. Ron enjoyed $200 of consumer surplus from the purchase
e. Ron enjoyed $200 of consumer surplus from the purchase
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Refer to the scenario above. Earthland's financial account would report a balance of ________ for the year
A) $4 billion B) -$10 billion C) -$6 billion D) $14 billion
Define the short-run Phillips curve
What will be an ideal response?
As residents of developing countries increase their chocolate consumption, the increased production of cocoa results in
A) increased opportunity cost of cocoa production. B) decreased opportunity cost of cocoa production. C) no change in production of other goods and services. D) increased production of other goods and services.
Which of the following would not appear on the asset side of a commercial bank balance sheet?
a. Reserves. b. Checkable deposits. c. Loans. d. Securities.