The Long Island Railroad Installed Ticket Vending Machines in Train

question 22

Multiple Choice

The Long Island Railroad installed ticket vending machines in train stations to expedite the purchase of train tickets during periods of peak demand.The Long Island Railroad is using which of the following waiting line strategies?

• A) Establishing a reservation process
• B) Making waiting fun or at least tolerable
• C) Expanding waiting room capacity
• D) Differentiating waiting customers
• E) Employing operational logic to reduce wait

---

Definitions:

Resources Are Scarce

The fundamental economic problem that the available resources are limited compared to the unlimited wants and needs of people.

Economic Theories

Comprehensive frameworks or models used to explain and predict economic phenomena and guide the analysis of economic issues and policy.

Economic Policy

Strategies and decisions made by the government concerning the economy, including taxation, government spending, and interest rates.

Economic Generalizations

Broad statements that apply to economic behavior or trends, often used to predict future economic outcomes.