It would always be a mistake to view
a. a streetlight as a common resource.
b. a nontoll road as a public good.
c. the environment as a common resource.
d. a lighthouse as a public good.
a
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A scatter diagram of money growth rates and inflation rates from 1982 to 2010 indicates
A. a clear direct relationship between money growth and inflation. B. a clear indirect relationship between money growth and inflation. C. no clear relationship between money growth rates and inflation. D. that inflation is always and everywhere a monetary phenomenon.
Which of the following would most likely occur if the federal government decreased its spending and reduced the size of the budget deficit during a period of full employment?
A. The rate of inflation would decline. B. The rate of inflation would rise. C. A recession would develop. D. Interest rates would fall.
Which of the following reasons why women earn less than men is considered by some to be economic, and by others to be sociological?
A. Women outnumber men. B. Women are the only ones who can give birth. C. The average man is physically stronger than the average women. D. Women are more likely to choose low-paying, "helping" professions.
Answer the following statement(s) true (T) or false (F)
1. In a competitive equilibrium, the industry's output is produced at the lowest possible cost because each firm has the goal of minimizing its cost. 2. Higher costs, whether fixed or variable, will cause a leftward shift in the industry's short-run supply curve. 3. The number of firms in an industry is fixed in the short run. 4. A new licensing fee would cause an immediate upward shift in an industry's short-run supply curve. 5. In a long-run competitive equilibrium, both more efficient and less efficient firms earn zero economic profit.