Watching a movie on-demand in one's home is an example of a ____
a. merit good
b. club good
c. public good
d. private good
b
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How do imports affect sellers' producer surplus?
What will be an ideal response?
According to the Keynesian view, capitalism
a. is a highly productive form of economic organization that works best when government intervention is least. b. experiences booms and busts because of the instability of private investment that is driven by fickle changes in business optimism. c. experiences booms and busts that are primarily the result of inappropriate monetary policy. d. experiences fluctuations in aggregate demand that cannot be controlled with fiscal policy.
An increase in the price of a good
A. increases the incentive to buy the good, but decreases the incentive to sell the good. B. decreases the incentive to buy the good, but increases the incentive to sell the good. C. increases both the incentive to buy the good and the incentive to sell the good. D. decreases both the incentive to buy the good and the incentive to sell the good.
Exhibit 2-2 Production possibilities curve
In Exhibit 2-2, the slope of the production possibilities curve indicates that the opportunity cost of:
A. coffee is constant. B. coffee is increasing. C. coffee is decreasing. D. corn is increasing.