Related to the Economics in Practice on p. 83: The initial price of $0 for the Shakespeare in the Park tickets is akin to the city of New York ________ the tickets.
A. assigning favored customer status for
B. issuing a price ceiling on
C. issuing ration coupons for
D. issuing a price floor on
Answer: B
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Max has allocated $100 toward meats for his barbecue. His budget line and indifference map are shown in the above figure. If Max is currently at point e,
A) his MRS is less than the trade-off offered by the market. B) he is willing to give up more burger than he has to, given market prices. C) he is not maximizing his utility. D) All of the above.
If the marginal propensity to save (MPS) is 0.10, the value of the spending multiplier is:
a. 1. b. 9. c. 10. d. 90.
Christine works for a firm that makes tires for cars. How is Christine's wage affected if the demand for cars increases?
One can determine the consumers' surplus if the _______________ are known
A) tax paid B) maximum buying price C) price paid D) maximum buying price and price paid E) maximum buying price and tax paid