Jim Goes to a New York Yankees Game and Decides

question 7

Multiple Choice

Jim goes to a New York Yankees game and decides to sit with other Yankees fans because they are all wearing the same colors and will cheer when the team does well. New York Yankees fans are Jim's ________________.

• A) reference group
• B) out-group
• C) in-group
• D) secondary group

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Definitions:

Consumer Surplus

The discrepancy between what consumers are prepared and capable of spending for a product or service and the actual amount they end up paying.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive.

Tax Revenues

Income that the government receives from taxation, which can be levied on individuals, corporations, and other legal entities.

Federal Gasoline Taxes

Taxes imposed by the federal government on the sale of gasoline.