Because of free riders, a private, unregulated market would not produce the efficient quantity of a public good
Indicate whether the statement is true or false
TRUE
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Barriers to entry are forces that:
A. promote a more efficient allocation of resources across the economy. B. limit the government from intervening in markets. C. limit consumers from purchasing new products. D. limit new firms from joining an industry.
If a person is entertained by gambling, then
A) she is not risk averse. B) she does not understand the concept of a fair game. C) she may gamble even if it is an unfair game. D) she will definitely not buy automobile insurance.
Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. For Jerry, the opportunity cost of building a fence is ________ dishes made.
A. 14 B. 7 C. 4 D. 2
The following figure illustrates which of the following? (check all that apply)
a. That the resources used to produce industrial robots and pizzas are perfectly flexible and interchangeable. b. That as one moves to the right and produces more pizzas, the number of robots that must be given up rises. c. That as one moves to the right and produces more pizzas, the number of robots that must be given up remains constant. d. That the resources used to produce industrial robots and pizzas are not perfectly flexible and interchangeable. b. That as one moves to the right and produces more pizzas, the number of robots that must be given up rises.