A room heater is a ________
A) club good because it is excludable but non-rival in consumption
B) club good because it is non-excludable but rival in consumption
C) public good because it is non-excludable and non-rival in consumption
D) private good because it is excludable and rival in consumption
D
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A nation's economic growth is more rapid when
A) special interest groups acquire the political power to restrict competition. B) capital resources are devoted to their most efficient use. C) there are barriers to establishing legal ownership of capital resources. D) scarce resources are made available for all citizens free of charge.
Use the above table. Assuming constant opportunity costs, the opportunity cost of producing a gallon of wine in Argentina is
A) 0.33 pound of beef. B) 0.5 pound of beef. C) 2 pounds of beef. D) 3 pounds of beef.
The game in the figure shown is a version of:
This figure shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive.
A. the prisoner's dilemma.
B. the first-mover advantage.
C. a sequential game.
D. a repeated game.
Prices influence the distribution of income by making the distribution fairer.
Answer the following statement true (T) or false (F)