In NASCAR, a race winner might win, say, $500,000, whereas second place wins $450,000. Why might NASCAR have a 10% reduction in prize money from first and second place?
A) To ensure that there is enough money to pay those who finish near last.
B) To motivate drivers to take risks they might not otherwise take.
C) To motivate drivers to not take risks they might otherwise take.
D) NASCAR is a cartel.
B
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Excess demand occurs:
A. when price is below the equilibrium price. B. when price is above the equilibrium price. C. whenever the market is not in equilibrium. D. whenever the market is in equilibrium.
Based on the graph showing how the subprime share of home mortgages grew rapidly before the big decline, what can be determined by looking at the two years before and the two years after the period when subprime mortgages’ share of the market reached its peak?
a. The share of subprime mortgages remained near the peak the entire period.
b. The share of subprime mortgages fell at the same pace that it rose.
c. The share of subprime mortgages rose faster than it fell.
d. The share of subprime mortgages fell faster than it rose.
Suppose a quota on foreign-made automobiles is proposed in Congress. Which of the following groups is most likely to oppose the bill?
A. American Automobiles Manufacturers B. consumers C. American Steel Workers D. United Auto Workers
Which of the following is not a function of the Federal Reserve System?
A. to control the money supply B. to print new money C. to supervise and regulate banks D. to aid in the check clearing process