Under which of the following scenarios would a park be considered a public good?
a. Visitors to the park must pay an admittance fee, but there are always plenty of empty picnic tables.
b. Vistors to the park must pay an admittance fee and frequently all of the picnic tables are in use.
c. Visitors can enter the park free of charge and there are always plenty of empty picnic tables.
d. Visitors can enter the park free of charge, but frequently all of the picnic tables are in use.
c
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
A profit-maximizing monopolist, if producing at all, chooses a level of output where: a. total revenue is maximized
b. total cost is minimized. c. average total cost is minimized. d. marginal revenue equals marginal cost.
Think of a firm that has a monopoly producing milk. The firm's demand curve is
a. identical to the demand curve for milk facing the industry b. identical to its marginal revenue curve c. tangent to the firm's ATC curve d. tangent to its marginal revenue curve e. more elastic than the demand curve of any perfectly competitive firm producing milk
One of the main reasons that people want to limit imports is the
a. fear that imports will decrease the income of Americans. b. idea that cheap foreign labor destroys American jobs. c. concept that if trade benefits another country, it must harm the United States. d. All of the above are correct.