National defense is a public good _____
a. meaning it is an all-or-nothing proposition
b. however it can be adjusted on the margin
c. implying whatever output produced is efficient
d. a and c
b
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What are the four phases of the classical business cycle and how is employment typically affected during each phase?
You are part of a local community theater group. It is the goal of the group to increase the amount of revenue earned through ticket sales. Mary says the obvious solution is to increase ticket prices. Is Mary correct?
A. Mary is correct if the demand for tickets is price inelastic. B. Mary is incorrect if the demand for tickets is price inelastic. C. Mary is correct. The increase in ticket prices will always increase revenue. D. Mary is incorrect. The increase in ticket prices will never increase revenue.
The gambler's fallacy suggests that what happened in the past will influence the present. This is most likely true in which of the following situations?
A) flipping cards from a single deck B) tossing a fair coin C) the quality of play of a baseball team D) horse racing
Refer to the table. The inconsistency illustrated by the table is that, while a majority of voters prefer the:
A. highway to the lighthouse and the submarine to the highway, they also prefer the
lighthouse to the submarine.
B. lighthouse to the highway and the lighthouse to the submarine, they also prefer the
submarine to the highway.
C. highway to the lighthouse and the submarine to the lighthouse, they also prefer the
submarine to the highway.
D. lighthouse to the submarine and the highway to the submarine, they also prefer the
highway to the lighthouse.