In economics, choices are necessary because of the presence of
A. luxuries.
B. inefficiency.
C. needs.
D. scarcity.
E. incentives.
Answer: D. scarcity.
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In the figure above, if the government provides a subsidy to colleges of $6,000 per student per year, how many students will be accepted?
A) 8 million per year B) 12 million per year C) 10 million per year D) 16 million per year
As the U.S. economy recovers from the recession of 2007-2009, stubbornly high unemployment is a concern. For each of the three business cycle models, identify the appropriate policy regime
What will be an ideal response?
To earn an economic profit in the short-run, a monopolist sets marginal revenue equal to zero
a. True b. False Indicate whether the statement is true or false
The City Symphony presents three open-air concerts in the city park pavilion during the spring and summer. Many who attend make donations for symphony expenses, but the donation is not required. Some who attend make no contributions. Economists would
a. classify the noncontributors as detrimental externalities. b. call the concerts excludable events. c. call the noncontributors free riders. d. call the concerts depletable goods.