Since there are long waiting lists for tickets to events that regularly occur (Duke basketball, the August NASCAR race in Bristol, Tennessee, etc.), a profit-maximizing promoter might
A. lower ticket prices.
B. eliminate seating.
C. eliminate the event altogether.
D. increase seating.
Answer: D
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If real GDP was 100 in 2015 and 104.4 in 2016, the growth rate of real GDP between 2015 and 2016 was
A) 2.2 percent. B) 4.4 percent. C) 100 percent. D) 102.2 percent.
The above table shows the marginal benefits and costs from production of fertilizer. There are no external benefits. If the market is perfectly competitive and unregulated, the efficient level of output could be achieved by setting a per ton tax of
A) zero. B) $30. C) $80. D) $110.
When the market basket is tracked over time the goods within the basket:
A. remain the same, so only changing prices are captured. B. reflect the typical consumer each year, so it captures how consumers are affected each year. C. reflect the typical consumer each year, but prices are held constant, so it captures if we are consuming more or less as an economy. D. remain the same, but some prices are held constant on items that are important to consumers.
Suppose the consumption equation is represented by the following: C = 250 + .75YD. The multiplier in this economy is
A) .25. B) .75. C) 1. D) 4. E) 5.