The government sets up a lighthouse to prevent ships from crashing into rocks near the shore. The lighthouse is an example of a _____
a. merit good
b. club good
c. public good
d. private good
c
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Refer to Figure 2-7. Assume that in 2022, Apple temporarily shuts down one of its factories for an extensive renovation, and this reduces the amount of production capacity available for both types of vehicles. This is best represented by the
A) movement from H to J in Graph B. B) movement from K to L in Graph C. C) movement from J to G in Graph B. D) movement from E to F in Graph A.
Buying a cup of coffee with a dollar bill represents the use of money as a:
A. medium of exchange. B. unit of account. C. store of value. D. commodity.
Consider a two-country, two-commodity model. The table below shows the units of Good X and Good Y produced in Country A and Country B per labor hour. If Country B transfers one labor hour from the production of Good X to the production of Good Y, total world production of Good Y will ________ by ________ unit(s). ProductivityCountry ACountry BGood X1.000.50Good Y0.200.70
A. increase; 0.7 B. increase; 0.5 C. decrease; 1.5 D. decrease; one
Suppose that output in an economy is 1,000 units and the number of hours worked in the economy is 40. If the economy enters an expansion, which of the following combinations of output and hours worked would best reflect the expansion?
A. 1,200 units of output and 50 hours worked B. 1,800 units of output and 75 hours worked C. 1,000 units of output and 40 hours worked D. 1,600 units of output and 60 hours worked