Suppose that the city builds a new park that is advertised as being "open to the public," and within two months the grass in the park is ruined by overuse. This would be an example of
a. a nonrenewable resource
b. a private good
c. the common pool problem
d. a positive externality
e. a renewable and excludable resource
C
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Explain the difference between Gross Domestic Product and Gross National Product. Give an example of each
What will be an ideal response?
Assume the firms in a monopolistically competitive industry initially are earning positive economic profits. Which of the following will not occur over time?
A) The firms' economic profits will be reduced. B) New firms will enter. C) Demand for the existing firms' output will become more inelastic. D) The number of substitutes available in the industry will increase.
Which of the following causes a movement along a supply curve?
A) a change in resource costs B) a change in technology C) a change in the price D) all of the above
A business structure in which every partner is liable only for his or her own activities and at least partially liable for the partnership as a whole is known as a? __________.
A. general partnership B. corporation C. limited liability partnership D. sole proprietorship E. master limited partnership