Season ticket holders often purchase their tickets before a season begins. There is often a discount associated with season tickets. Why?
A) Buying season tickets entails risk, which consumers are willing to bear if they are compensated for doing so.
B) Buying season tickets is a way of guaranteeing a supply of tickets for the secondary market.
C) Selling season tickets entails greater transactions costs which team owners hope to avoid.
D) Sports teams are local monopolies.
A
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Politicians always agree with economists about the most efficient way of doing things
a. True b. False Indicate whether the statement is true or false
When a production function is graphed with Real GDP on the vertical axis and labor on the horizontal axis, a rise in labor ________________________, and a rise in the technology coefficient __________________
A) shifts the production function upward; also shifts the production function upward B) moves us up along a given production function; shifts the production function upward C) shifts the production function downward; shifts the production function upward D) shifts the production function upward; moves us up along a given production function
Which of the following is a cost associated with recessions and unemployment?
A. worsening of the nation's balance of payments B. increased output in the future C. increased real output D. the psychological harm done to the unemployed
The fish in the ocean would be considered a
A. sustainable natural resource. B. renewable natural resource. C. limited natural resource. D. sequestered natural resource.