A perfectly inelastic supply curve is
A. horizontal.
B. an upward sloping straight line that intersects the origin.
C. vertical.
D. downward sloping.
Answer: C
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What effect does the televising of the Super Bowl have on the cost to the National Football League of giving someone a ticket to the game?
A) It has no effect because all the costs of playing the game are sunk costs. B) It has no effect on the cost because the demand doesn't affect cost. C) It lowers the cost because fewer people will want to buy tickets. D) It raises the cost because fewer people will want to buy tickets.
The free-rider problem may arise in case of ________
A) public goods B) private goods C) club goods D) inferior goods
According to the permanent income hypothesis, taxpayers react to a one-time tax rebate
A) by spending all of the tax rebate. B) by spending more than the amount of the tax rebate. C) by saving half of the tax rebate and spending the rest. D) by saving all of the tax rebate.
If wages are "sticky downwards", then wages ________.
A. resist falling when there is an excess supply of labor B. fall when there is an excess demand for labor C. fall when there is an excess supply of labor D. resist rising when there is an excess demand for labor