Between 1960 and 2012, the proportion of workers belonging to a union
a. decreased substantially in the private sector.
b. was approximately constant in the private sector.
c. decreased substantially in the government sector.
d. was approximately constant in the government sector.
A
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At the local park there is a playground that anyone may use. There is rarely anyone using the playground, so children who use the playground receive full enjoyment from its use. The playground is
a. rival in consumption and is excludable. b. not rival in consumption, but is excludable. c. rival in consumption, but is not excludable. d. not rival in consumption nor is it excludable.
A good is nonexcludable in consumption if it is not practical to exclude people who don't pay for it from enjoying its benefits.
Answer the following statement true (T) or false (F)
If individual firms face a horizontal demand curve at a given market price:
A. price is equal to average total cost. B. price is equal to marginal cost. C. price is equal to marginal revenue. D. price is equal to average variable cost.
Gasoline and motel rooms are complements for many consumers. When the price of gasoline declines, consumers take longer vacations and rent more motel rooms. Therefore, the cross price elasticity between gasoline and motel rooms is
A. positive. B. more than one because both are luxuries. C. less than one because neither is a luxury. D. negative.