Suppose that you purchased a ticket to a jazz festival for $100 from an online ticket broker. Once you arrived at the festival, you discovered that parking costs you an additional $15. In this situation, the additional $15 you pay for parking is an example of
A. marginal cost.
B. an inefficient cost.
C. an economic loss.
D. opportunity cost.
Answer: A
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In the United States there is evidence of:
A. increasing wage inequality. B. an increase in the proportion of the population over 16 employed since 2000. C. an increase in in job creation since 2000. D. increasing wage equality.
Which of the following explains the changes in the U.S. adult male labor force participation rate since 1948?
A) Fewer men consider themselves discouraged workers as compared to the past. B) More men are joining the military as compared to the past. C) More men are retiring later in life as compared to the past. D) Younger men are remaining in school longer as compared to the past.
Referring to the graph above, an economic variable that had peaked in December 1912, November 1914, and February 1918 is likely a ________ variable
A) leading countercyclical B) leading procyclical C) lagging countercyclical D) lagging procyclical E) none of the above
A market with demand Q = 100 - 3P is currently in equilibrium with 40 units being sold. It follows that the current price elasticity of demand
a. is zero. b. is -1.5. c. is -6. d. cannot be calculated with the information given.