The free rider problem is an economic issues associated with
a. Public Goods
b. Negative externalities
c. Social cost
d. Marginal Benefits
Ans: a. Public Goods
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The amount by which total utility rises when an additional unit of a good is consumed is called:
a. average utility b. the law of diminishing returns c. incremental utility d. marginal utility
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the short run would be:
A. P1 and Y2. B. P2 and Y3. C. P3 and Y1. D. P2 and Y2.
When a central bank aggressively tries to contain inflation via contractionary monetary policy, which condition is most likely to occur?
A. Inflation B. Disinflation C. Deflation D. Underinflation
Which expression below matches most closely the way economists go about testing their models?
A) "Consistency is the hobgoblin of small minds." B) "Seeing the results is the only way to know if you are right." C) "A bird in the hand is worth two in the bush." D) "In the long run, we are all dead."