Economists see a useful service being performed by ticket scalpers, in that they
A. adjust a price that a promoter has set too high.
B. lower the price to all consumers.
C. raise the price so promoters get more money.
D. adjust a price that a promoter has set too low.
Answer: D
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The risk of making a loan is
A) earning profits that are too high and cause higher taxes. B) the risk that lender does not pay. C) the risk that the borrower does not pay. D) called "default risk" when taxes are not paid.
Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. For Jerry, the opportunity cost of building a fence is ________ dishes made.
A. 7 B. 4 C. 14 D. 2
How does a government budget deficit occur?
A. If a nation carries a public debt, it must be running a deficit every year. B. A government's tax revenues exceed its spending. C. A nation earns more on exports than it spends on imports. D. A government's spending exceeds its tax revenues.
Which of the following is TRUE in perfect competition at long-run equilibrium?
A. P = ATC = MC = MR B. Economic profit is $0. C. ATC is minimized. D. all of these