Common resources differ from public goods in that
A) common resources are resources that cannot be renewed but the production of public goods can be increased any time.
B) common resources are collectively owned by a group of people while public goods are government owned.
C) unlike public goods, common resources are rival in consumption.
D) common resources are non-excludable while public goods are excludable to those who do not pay for the good.
C
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If a farmer’s opportunity cost of producing 10,000 bushels of wheat is 5,000 fewer bushels of soybeans, then his or her opportunity cost of producing 5,000 bushels of soybeans must be 10,000 fewer bushels of wheat.
Answer the following statement true (T) or false (F)
Firms in an oligopolistic market ________ because they are ________
A) attempt to predict the behavior of other firms; strategically interdependent B) form cartels; unable to predict the behavior of other firms C) ignore other firms' actions; strategically independent D) advertise; unable to differentiate their products.
What is a recession?
(A) A very mild and short expansion. (B) A period when the economy is neither expanding nor contracting. (C) A period when real GDP falls for at least six months. (D) A long and severe depression.
Along the Keynesian range of the aggregate supply curve, an increase in the aggregate demand curve will increase:
A. both the price level and real GDP. B. only real GDP. C. only the price level. D. real GDP and reduce the price level.