An example of a good that is nonrival in consumption is:
A. a music CD.
B. a radio broadcast of a song.
C. a ticket to a concert.
D. a guitar.
Answer: B
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The cross elasticity of demand for complementary products must:
a. be greater than one. b. be less than one. c. be zero. d. exceed zero. e. be negative.
When does a higher wage rate lead to an increase in the number of work hours supplied by laborers?
a. Always. b. When the substitution effect outweighs the income effect. c. When the income effect outweighs the substitution effect. d. Never.
Smith and Jones comprise a two-person economy. Their hourly rates of production are shown in the accompanying table. Calculators Per HourComputers Per HourSmith10010Jones1206 The opportunity cost of making a calculator for Smith is ________ and for Jones it is ________.
A. 0.6 computers; 1.2 computers B. 1 computer; 0.5 computers C. 10 computers; 20 computers D. 0.10 computers; 0.05 computers
The benefit the consumer of a good or service receives is the
A) social benefit. B) external benefit. C) private benefit. D) public benefit. E) consumption benefit.