Suppose Stan owns a piece of property with a large lake. Initially, Stan and his family were the only people who swam in the lake. Then Stan started selling tickets to people who wanted to go swimming in the lake. When Stan died, he left the lake and the land it was on to the state, stipulating that the lake be left open to the public for swimming. Due to the lake's remote location, it was never crowded. When Stan started selling tickets to the public, the lake became a ________ good.
A. collective
B. private
C. public
D. commons
Answer: A
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Under conditions of perfect competition, if losses occur in an industry, market forces may come into play to
a. reduce supply. b. lower average revenue. c. increase supply. d. attract new firms.
From 1860 to 1910, U.S. mobility between social classes and occupations
(a) distracted immigrants. (b) increased the potential migrant's opportunity cost of staying in Europe. (c) attracted immigrants to the U.S. (d) decreased foreign investment in the U.S.
In games, strategies are:
A. the outcomes players want to achieve. B. the plans of action that players follow to achieve their goals. C. the same for everyone to achieve the same goal. D. All of these statements are true.
Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfare is $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1,400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfare is $450. If the Chicago-Atlanta round-trip air fare were $350, should you use the coupon to go to Miami?
A. Yes, your economic surplus would be $50. B. No, your economic surplus would be -$100. C. Yes, your economic surplus would be $400. D. No, your economic surplus would be -$50.