Economists tend to see ticket scalping as
a. a way for a few to profit without producing anything of value.
b. an inequitable interference in the orderly process of ticket distribution.
c. a way of increasing the efficiency of ticket distribution.
d. an unproductive activity which should be made illegal everywhere.
c
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Which of the following is an important difference between police protection and food and explains why one is commonly provided by government while the other is not?
A) Food can easily be withheld from people who don't pay for it. B) Food is not a traditional concern of government. C) Food is too vital to be entrusted to government. D) Food producers form a powerful political lobby. E) Food provided through government would be inefficient.
When price was 6, quantity demanded was 10. When price decreased to 5, quantity demanded increased to 13. Therefore, when price decreased, total revenue
A. decreased from 65 to 60, indicating that demand is inelastic. B. increased from 60 to 65, indicating that demand is inelastic. C. decreased from 65 to 60, indicating that demand is elastic. D. increased from 60 to 65, indicating that demand is elastic.
The income approach to calculating GDP:
A. will generate the same answer as using the expenditure approach. B. is less accurate than using the expenditure approach. C. is more accurate than using the expenditure approach. D. is simpler to calculate than the expenditure approach.
A monopsonistic employer faces a
A) perfectly elastic labor supply curve. B) perfectly inelastic labor supply curve. C) MFC curve that is greater than the wage rate at each quantity of labor. D) MFC curve that is less than the wage rate at each quantity of labor.