Suppose that, at an official ticket price of $480, there are 6,000 Justin Timberlake fans wanting to attend his concert, but only 4,000 ticketed seats are available. Which one of the following statements is then TRUE?
A) There will be scalpers outside the arena selling tickets for $480.
B) There will be a surplus of tickets.
C) The market clearing price of the tickets is less than $480.
D) The market clearing price of the tickets is more than $480.
D
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Who has a comparative advantage in which activity? Explain. Will the brothers gain if they specialize?
What is viewed in the private sector as competition in the public sector is treated as _____
a. duplication b. destruction c. fighting d. economic warfare
Exhibit 2-18 Production possibilities curves
In Exhibit 2-18, the production possibilities curves for a country are shown for the years Year X and Year Y. Suppose this country was located at point A in Year X and point B in Year Y. This country:
A. is producing the same number of capital goods in both years. B. is producing the same number of consumption goods in both years. C. has shown no growth between Year X and Year Y. D. has higher unemployment in Year X than in Year Y.
As a result of specialization and trade, individuals no longer have to make choices about how to spend their incomes.
Answer the following statement true (T) or false (F)