Mason and Jack are neighbors. Mason wants to buy a new outdoor grill so he can barbecue. Mason has two? options, a charcoal grill or a gas grill. By using _____ , he chooses to buy a gas grill. Mason knows that Jack would borrow his grill without asking; therefore, decides to use ______ in order to prevent his neighbor Jack from becoming a free-rider.
Fill in the blank(s) with the appropriate word(s).
Prescriptive economic analysis, equilibrium analysis
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The real interest rate bringing the supply of saving equal to the demand for saving is an example of the:
A. cost-benefit principle B. equilibrium principle. C. scarcity principle. D. principle of increasing opportunity cost.
The amount of revenues that sellers actually receive over and above the minimum acceptable amount that they are willing to receive for selling a product is called
A. production costs. B. producers' supply. C. consumer surplus. D. producer surplus.
The wage gap between skilled and unskilled worker has
a. risen; economists argue that this may be due in part to technological progress. b. risen; economists argue that none of the rise is due to technological progress. c. fallen; economists argue that this may be due in part to technological progress. d. fallen; economists argue that none of the fall is due to technological progress.
If an increase in the price of one good causes the demand curve for another good to shift to the left, then the two goods are:
A. substitutes. B. complements. C. normal. D. unrelated.