Which of the following models best represents the relationship of income to output?

Economists use the phrase “business cycle” when discussing

a. movements in interest rates. b. changes in economic productivity. c. fluctuations in employment. d. fluctuations in total output around the trend.

If the New Orleans Saints were playing the Arizona Cardinals in the NFC final to determine who would play in the Super Bowl, and their fans were willing to pay three times the face-value price for tickets, economists would suggest that a scalping market would appear, and it

A. would make all ticket holders and potential buyers better off (or at least no worse off). B. cause the price to fall back to the face value. C. cause the price to fall below the face value. D. would make all ticket holders and potential buyers worse off.