Scalping at major sporting events is an example of
A. a black market caused by a price floor.
B. the operation of rationing by the market.
C. a black market caused by a price ceiling.
D. a surplus caused by the existence of price ceilings.
Answer: C
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Use the following graph of the market for milk to answer the question below.
The marginal cost for the 27th million gallon of milk is
A. $1.00. B. $2.00. C. $1.50. D. dependent on the marginal benefit.
When GDP = $2.5 trillion, C = $1.0 trillion, I = $0.6 trillion, G = $0.4 trillion, and NX = $0. Then
A) unplanned inventory change = -$0.5 trillion. B) equilibrium expenditure = $2.0 trillion. C) aggregate planned expenditure = $1.6 trillion. D) unplanned inventory change = $0.5 trillion. E) aggregate planned expenditure = $2.5 trillion.
An example of a good that is both rival and excludable is
A) the defense services provided by a new stealth bomber. B) a pair of pants. C) a beautiful sunset. D) an uncrowded theme park such as Walt Disney World.
If the demand for labor is unchanged, population growth will increase the supply of labor and increase the equilibrium wage
Indicate whether the statement is true or false