Someone who does not contribute toward covering the cost of a good he desires, yet cannot be excluded from receiving the good, is called a free rider
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to the table above. If investment expenditure falls by $10,000 in the next year, ________, all other variables remaining unchanged
A) gross domestic product will fall to $467,000 B) gross domestic product will fall by $10,000 C) gross domestic product will increase by $10,000 D) gross domestic product will increase to $500,000
Presumably, since the United States is a large country in many of its international markets, a positive optimum tariff exists for this country
It follows therefore that when any legislator or government official who promotes zero-tariff free trade policies, is by definition not acting in the public's best interest. Discuss.
Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars SoldTrucks SoldLarry105Joe99Ralph312 Based on last month's data, Joe's opportunity cost of selling a truck is selling:
A. 9 cars. B. 1/3 of a car. C. 4 cars. D. 1 car.
Beginning in 1965, the head of the Antitrust Division of the U.S. Department of Justice began to change antitrust policy. How did antitrust policy change?
A) For the first time horizontal mergers were allowed—with government approval—and vertical mergers were allowed without need for approval from the government. B) For the first time concentration ratios were used to evaluate the degree of competition in the industries of firms that proposed mergers. C) The Division began to systematically consider the economic consequences of proposed mergers. D) Proposed mergers no longer needed the approval of the Federal Trade Commission or the court system.