Suppose all tickets to the World Series have already been sold. Will any further sales occur if the going price rises?
A) No, and therefore a higher price will have no effect.
B) No, but a smaller quantity will be demanded.
C) Not unless more tickets are printed.
D) Yes, as some ticket-holders sell to others.
E) Yes, but the further sales will reduce the price to the original level.
D
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If average cost is positive
A) marginal cost equals average cost. B) marginal cost exceeds average cost. C) marginal cost is less average cost. D) Not enough information is given.
The output gap is:
a) The difference between this year's and last year's output b) The difference between this year's and next year's output c) The difference between actual and potential output d) The difference between actual and expected outputs
According to 2014 data on the U.S. population, which of the following groups of teenagers (ages 16-19) had the highest unemployment rate?
a. white males b. white females c. black males d. black females
In analyzing land rent, David Ricardo constructed a model based on
A) perfectly elastic demand for land. B) a perfectly elastic supply of land. C) land being available in infinite quantities. D) the supply of land being perfectly inelastic.