Tickets to the Indiana-Purdue basketball game are usually sold out far in advance of game day and many people are disappointed because they cannot see the game. This suggests
a. the price of the tickets must be higher than the equilibrium price because people consider them valuable
b. the price is set below the equilibrium level
c. the price is set above the equilibrium level
d. there is no excess demand or supply
e. the people deciding on what price to charge considered only the fixed capacity of the stadium
B
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When banks bundled mortgage loans and sold the resulting mortgage-backed securities:
A. they insulated the banking system from any risk associated with mortgage defaults. B. they greatly reduced the overall risk of mortgage defaults. C. buyers of these securities assumed all of the risk of mortgage defaults. D. they reduced their direct exposure to mortgage default risk but were still exposed through loans to investors in mortgage-backed securities.
Since the mid-1970s our merchandise balance of trade has been ________ and our services balance of trade has been _______.
Fill in the blank(s) with the appropriate word(s).