In a closed economy, Y - C - G equals _____. The variable Y is _____, C is _____, and G is _____
Fill in the blank(s) with correct word
national saving/investment, output/GDP, consumption, government purchases
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In a freely operating market system, queuing is most likely to occur when
A) selling necessities. B) the market clearing price increases. C) demand fluctuates unpredictably and quickly. D) demand increases gradually over time.
If a firm decides to stop its sales agents from pricing too aggressively to make sales by requiring the agent to obtain permission to reduce price below a specific threshold, and the manager only has one source of information, the sales agent, the solution would
a. Work b. Not work c. Work in all circumstances d. None of the above
Refer to the information provided in Figure 5.3 below to answer the question(s) that follow.
Figure 5.3Refer to Figure 5.3. Using the midpoint formula, if the price of a gardenburger increases from $7 to $9, the price elasticity of demand equals ________ and the increase results in a(n) ________ in total revenue.
A. -8; decrease B. -0.375; increase C. -0.5; decrease D. -2.67; decrease
Suppose one of baseball's most ensuring records - the Pete Rose career hit total record - were on the line. Tickets to the games leading up to breaking of the record might command three times the face-value price for tickets. Economists would suggest that a scalping market would appear and it
A. would make all ticket holders and potential buys worse off. B. cause the price to fall below the face value. C. would make all ticket holders and potential buys better off (or at least no worse off). D. cause the price to fall back to the face value.