Economists argue that restrictions against ticket scalping actually drive up the cost of many tickets
a. True
b. False
Indicate whether the statement is true or false
True
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The first systematic attempt to explain the determinants of the price level and national levels of income, employment, consumption and real Gross Domestic Product (GDP) was made by ________ economists
A) supply-side B) classical C) Keynesian D) monetarist
Suppose you and your friend are in a shopping mall and you borrow $100 from your friend to pay for a pair of shoes that you purchase in a sho
A) transaction costs. B) indirect financing. C) direct financing. D) moral hazard.
What is a private cost of production? What is a social cost of production? When is the private cost of production equal to the social cost of production?
What will be an ideal response?
The combined effect (both income and substitution) of a wage increase is that
A) if the substitution effect outweighs the income effect, the labor supply curve slopes upward, but if the income effect outweighs the substitution effect, the labor supply curve is backward bending. B) the income effect always dominates, leading to less work at a higher wage. C) if the substitution effect outweighs the income effect, the labor supply curve is backward bending, but if the income effect outweighs the substitution effect, the labor supply curve slopes upward. D) the substitution effect always dominates, leading to more work at a higher wage.