Years ago, thousands of country music fans risked their lives by rushing to buy tickets for a Willie Nelson concert at Carnegie Hall. This behavior indicates
a. the ticket price was above the equilibrium price.
b. the ticket price was below the equilibrium price.
c. the ticket price was at the equilibrium price.
d. nothing about the equilibrium price.
b
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If the purchase of used goods was to be incorporated into measuring GDP using the expenditure approach, then
A) consumption spending would need to be adjusted for depreciation. B) it will be very difficult to assign a fair market value to a used good. C) we will have to account for the natural depreciation that a used good experiences. D) we also will have to account for spending on financial assets. E) we will be counting the value of the used goods both at the time of their production and at the time of their re-sale.
Any supplement to consumer spending that increases domestic aggregate output and income is called a leakage
Indicate whether the statement is true or false
The horizontal summation of individual demand curves gives:
a. a supply curve. b. a Phillips curve. c. a market demand curve. d. the quantity supplied. e. a production function.
Whenever there is a surplus at a particular price, the quantity sold at that price will equal: a. the quantity demanded at that price
b. the quantity supplied minus the quantity demanded. c. the quantity supplied at that price. d. (quantity demanded plus quantity supplied)/2.