What would be the most likely effect on the price of tickets for the Rose Bowl football game if a wealthy alumnus agreed to pay all the travel and lodging expenses of the visiting players?
A) No effect.
B) The price would fall.
C) The price would rise.
D) We have no basis for predicting because college football is a non-profit enterprise.
A
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The cross-price elasticity of demand refers to:
A. the substitution of one good for another as the prices of two goods change. B. a change in the demanded for two goods, following a change in the price of one good. C. the value of price elasticity at which supply crosses demand. D. the percentage change in the quantity demanded of one good resulting from a 1-percent increase in the price of another good.
According to real business cycle theorists, an increase in total factor productivity could lead to an increase in the nominal money supply due to
A) the cyclical behavior of tax collections and attempts by the Federal Reserve to stabilize real output. B) the Federal Reserve's attempts to stabilize real output and the price level. C) the Federal Reserve's attempts to stabilize the price level and banking sector expansion of deposit money. D) banking sector expansion of deposit money and the cyclical behavior of tax collections.