There are 72,922 seats in Lambeau Field where the Green Bay Packers play football. The Packers have sold out their season tickets since 1960. There were about 70,000 people on the waiting list to buy season tickets in 2010
Packers tickets are a normal good. As a result of the economic recession in 2010 during which people's incomes decreased, the A) demand for Packers tickets decreased.
B) demand curve for Packers tickets shifted rightward.
C) quantity demanded of Packers tickets decreased.
D) substitution effect changed the quantity demanded.
A
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The transcontinental railroads were completed in the 25 years
A. before the Civil War. B. after the Civil War. C. after 1890. D. after the 20th century began.
Explain how real GDP differs from nominal GDP
When the U.S. economy hits a recession, fiscal policy automatically becomes:
A. contractionary because average tax rates go down and spending on welfare programs goes up. B. expansionary because average tax rates go down and spending on welfare programs goes up. C. discretionary because the government is quick to react to changes in the business cycle. D. contractionary because average tax rates go up and spending on welfare programs goes down.
How is the international economy qualitatively different in the first part of the 21st century from what it was like in the first part of the 20th century?
What will be an ideal response?