A semiprofessional baseball team near your town plays two home games each month at the local baseball park. They split the concessions 50/50 with the city, but keep revenue from ticket sales for themselves. The city charges the team $100 each month for the three-month season. The team pays the players and manager a total of $1,000 a month. The team charges $10 for each ticket, and the average customer spends $7 at the concession stand. Attendance averages 30 people at each home game.In order to break even, how many tickets does the team need to sell for each game?
a. 33
b. 37
c. 41
d. 45
c. 41
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A person who generally drives without a seat belt on does not reveal this to his automobile insurance company before he purchases insurance. This is an example of
A) adverse selection. B) moral hazard. C) signaling. D) screening.
Which of the following best defines the specialization of resources?
a. Workers are compensated as individuals. b. Special resources are needed to produce most goods. c. Each resource is paid for in full. d. Each resource is paid the most if it is specialized. e. Each resource is focused on a limited number of productive activities.
The cross price elasticities among substitute goods will be extremely high when
a. b and d b. they are very similar to each other c. people are consuming them frequently d. people consume them in equal quantities e. they are imperfect substitutes
An economy that is producing a gross domestic product worth $100 million but is capable of producing an output worth $150 million at full-employment equilibrium would have a(n): a. recessionary gap of $50 million
b. expansionary gap of $100 million. c. recessionary gap of $150 million. d. expansionary gap of $250 million.