Union membership in the United States has fallen compared to what it was in the 1950s
a. True
b. False
Indicate whether the statement is true or false
True
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An excludable good is a good that a producer can prevent people from consuming
Indicate whether the statement is true or false
The Roomba 570 is a robotic vacuum cleaner made and sold by iRobot. It can vacuum 4 rooms on a single battery charge and it costs $2 worth of electricity to charge the Roomba
Lynn is a house cleaner and can vacuum 4 rooms in 1 hour with a traditional vacuum. Suppose you want the 4 rooms in your house vacuumed once a week for one year. Ignoring the cost of any electricity Lynn uses, which method is economically efficient if Lynn charges $20 per hour? $30 per hour? A) Roomba if Lynn charges $20 per hour and Lynn if she charges $30 per hour B) Lynn if she charges $20 or $30 per hour C) Roomba if Lynn charges $20 or $30 per hour D) Lynn if she charges $20 per hour and Roomba if Lynn charges $30 per hour
The marginal propensity to consume is difficult to estimate because
a) it depends on expectations of future income b) it depends on perceptions regarding the permanence of changes in income c) it depends on credit and borrowing constraints d) it declines as uncertainty increases e) all of the above
Tariffs and quotas on an imported product:
A. Benefit both domestic producers and consumers of the product B. Benefit both foreign producers and consumers of the product C. Benefit foreign producers and hurt foreign consumers of the product D. Benefit domestic producers and hurt domestic consumers of the product