An art museum decides to offer tours by having visitors listen to cassette tapes rather than have tour guides. The museum is answering the ________ part of one of the two big economic questions
A) "scarcity"
B) "what"
C) "why"
D) "how"
D
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The percentage of the people of working age who have jobs is called the ________
A) labor force B) inverse of the unemployment rate C) employment-to-population ratio D) employment-to-working-age-population ratio
For a common resource, efficiency requires that the ________ equals the ________
A) marginal private benefit; marginal private cost B) marginal social benefit; marginal social cost C) marginal private benefit; marginal social benefit D) marginal social cost; marginal private cost
Which of the following correctly describes the concept of free riding?
a. Making a public good available to all for no cost b. Using a public good but leaving it to others to pay for it c. Encouraging the use of city buses by not charging one day per week d. Using a public good without preventing others from using it
If the supply of loanable funds shifts right, then the equilibrium
a. interest rate falls, so domestic residents will want to purchase more foreign assets. b. interest rate falls, so domestic residents will want to purchase fewer foreign assets. c. interest rate rises, so domestic residents will want to purchase more foreign assets. d. interest rate rises, so domestic residents will want to purchase fewer foreign assets.