The type of nonprice rationing that most closely approaches the market outcome is
A. coupon rationing with coupons that cannot be resold.
B. favored customer rationing.
C. coupon rationing with coupons that can be resold.
D. first-come, first-served basis or queuing.
Answer: C
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[Appendix material: calculus required] Suppose total benefits and total costs are given by B(Y) = 150Y ? 10Y2 and C(Y) = 5Y2. Then marginal costs are:
A. 2.5Y. B. 5Y. C. 10Y. D. 25Y.
Opportunity cost is defined as
A. the value of the next-best alternative that must be sacrificed to attain a want. B. the return from a given unit of labor. C. the least-costly means to produce output. D. the value of the output currently received by an individual or a corporation.
Because people enjoy the benefits of public goods whether they pay for them or not, people are usually ________ to pay for them. This is known as the free-rider problem, and is intrinsic to ________ goods.
A. willing; public B. unwilling; public C. willing; private D. unwilling; private
Suppose that a nation has adopted a fixed exchange rate with another country, and has a persistent trade deficit. What is most likely to happen?
a. a gradual increase in the value of its currency b. a gradual decrease in the value of its currency c. a "run" on its currency and a sudden appreciation d. a "run" on its currency and a sudden devaluation