A pack of chocolates purchased by Monica from a shop is an example of a _____
a. merit good
b. club good
c. public good
d. private good
d
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The interpretation of the slope coefficient in the model ln(Yi) = ?0 + ?1Xi + ui is as follows:
A) a 1% change in X is associated with a ?1 % change in Y. B) a change in X by one unit is associated with a 100 ?1 % change in Y. C) a 1% change in X is associated with a change in Y of 0.01 ?1. D) a change in X by one unit is associated with a ?1 change in Y.
Suppose that opportunity costs are constant and that Fred can either bake a maximum of six pies or three cakes in a day. Ethel can either produce a maximum of eight pies or two cakes in a day. Fred's opportunity cost to produce one cake is
A) one-half pie. B) two pies. C) six pies. D) four pies.
Exhibit 15-1 Production possibilities curves
In Exhibit 15-1, the production possibilities curves of wheat and corn for Nabia and Pada are presented. Suppose Pada produces at point B on its PPC. How much corn is the country able to produce?
A. 2. B. 15. C. 10. D. 6.
Public choice economists:
A. analyze the incidence of taxes. B. are also known as Keynesian economists. C. use the tools of economics to analyze decision making, politics, and elections in the public sector. D. are, by definition, economists employed by federal, state, and local governments.