A Major League Baseball player signs a contract that pays $27 million over 5 years. The $27 million is the contract's ________ value
A) real B) implicit C) nominal D) external
C
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Use the table below to answer the following question.ProducerMinimum Acceptable Product PriceActual Product Price (Equilibrium Price)Kimberly$6$13Drake713Nicki913Victoria1113What is the total producer surplus for all four producers shown?
A. $24 B. $6 C. $19 D. $13
The welfare loss of a tariff equals that of a import quota that leads to the same level of imports
Indicate whether the statement is true or false
You are part of a local community theater group. It is the goal of the group to increase the amount of revenue earned through ticket sales. Mary says the obvious solution is to increase ticket prices. Is Mary correct?
a. Mary is correct if the demand for tickets is price inelastic. b. Mary is incorrect if the demand for tickets is price inelastic. c. Mary is correct. The increase in ticket prices will always increase revenue. d. Mary is incorrect. The increase in ticket prices will never increase revenue. e. Mary is incorrect. The way to increase revenue is to decrease ticket prices.
Which of the following will increase economic freedom?
a. subsidies and regulations that favor business b. high tariff rates c. high marginal tax rates d. protection of persons and their property from aggression