Suppose you bought three tickets to a concert in advance at the University ticket window. At the last minute one friend cancelled, so you could use only two of the tickets. You sold the third ticket just outside the entrance to the concert for more than the price you had originally paid. Which transaction occurred in a market?
A. Both the purchase at the University ticket window and the sale at the concert entrance were market transactions.
B. The advance purchase at the University was the only market transaction.
C. The sale that occurred at the concert entrance was the only market transaction.
D. Neither the purchase at the University ticket window nor the sale at the concert entrance was a market transaction.
Answer: A
You might also like to view...
Let C = 120 + 0.8y. Assume no government or foreign sectors. At the equilibrium level of income, y* = 200, the level of saving is
A) -80. B) -30. C) 96. D) 160.
A graph of two variables is a vertical line. What is the interpretation of this result?
What will be an ideal response?
Whenever spending changes, which of the following dampens the overall effect on GDP?
a. A change in the money supply. b. A change in taxes. c. A change in the interest rate. d. A change in the public's expectations. e. None of the above.
Using an interest rate of 5%, which figure has the smallest present value?
A. $5500 to be received ten years from now B. $5075 to be received three years from now C. $5000 D. $5050 to be received two years from now