Tickets to the Indiana-Purdue basketball game are usually sold out in advance of game day. This suggests:
a. the price of the tickets must be very high or else people would not consider them valuable.
b. the price is set below the equilibrium level.
c. the Indiana basketball stadium is relatively small.
d. everyone who attends the game will enjoy it.
b
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Because Product X has a large positive income elasticity, it is likely that the product
A) has many good substitutes. B) has few good complements. C) is a necessity. D) is a luxury.
Assume Brad worked as a contractor for a year and had revenues of $120,000 and explicit cost of $70,000 . If he could have been paid $80,000 working for a computer company, his:
a. accounting profit equaled $10,000 and he would be rational to stop working as a contractor. b. accounting profit equaled $50,000 and he would be rational to continue working as a contractor. c. economic profit equaled $50,000 and he would be rational to continue working as a contractor. d. economic profit equaled -$30,000 and he would be rational to stop working as a contractor.
Which of the following is not a loan of funds?
a. home mortgage b. government bond c. corporate stock d. corporate bond
It is possible through trade for a country to consume a combination of goods that lies beyond its production possibilities frontier
Indicate whether the statement is true or false