"Lady Gaga concert sells out. 60,000 tickets sold." What can an economist conclude from the above headline?
A) There is a surplus of tickets.
B) The market clears.
C) The quantity supplied is 60,000.
D) The quantity demanded is at least 60,000.
E) Both C and D above.
E
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Refer to the Article Summary. Assuming the findings are correct and all else equal, people who do not shop at Trader Joe's can still benefit from living near the store, as is shown by the higher home values. As a result, the marginal social benefit from living near a Trader Joe's is ________ the marginal private benefit to those who shop at Trader Joe's.
A) less than B) equal to C) greater than D) unrelated to
Incentives matter
What will be an ideal response?
Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars SoldTrucks SoldLarry105Joe99Ralph312 Based on last month's data, ________ has an absolute advantage in selling cars and ________ has an absolute advantage in selling trucks.
A. Larry; Ralph B. Ralph; Larry C. Larry; Joe D. Joe; Joe
Compared to the 1950-1973 period, output per worker ________ in the 1974-1995 period.
A. increased more rapidly B. decreased more slowly C. increased more slowly D. decreased more rapidly