Which of the following are scarce? Select one:
a. time for recreation
b. clean air
c. information
d. all of the above
d. all of the above
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Which of the following is an example of a product that is nonexcludable and rival?
A) a motorcycle B) the court system C) Western lowland gorillas D) a NASCAR event
If the marginal cost of hiring another worker to produce sandwiches is $4 per sandwich, and sandwiches sell for $5 each, then:
A. another worker should be hired. B. another worker should not be hired. C. two more workers should be hired. D. Cannot answer this without more information.
Keynesian economists believe that
a. since both V and Q are constants, the equation of exchange becomes the quantity theory of money, which explains prices b. the quantity theory of money is proof that money cannot influence how much we produce, but does influence the prices of the goods we produce c. even though velocity isn't constant, it is predictable d. if a change in M occurs, it may not only affect P, but also and at the same time affect Q e. the velocity of money is unchanging, regardless of changes in M, P, or Q
When regulations interfere with exchange and limit entry into various businesses and occupations, they will
a. help a country achieve more rapid economic growth. b. promote more efficient use of investment capital by entrepreneurs. c. retard economic progress. d. increase the profits of business firms.