The free-rider problem may arise in case of ________
A) public goods
B) private goods
C) club goods
D) inferior goods
A
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If a friend of yours keeps cash hidden under the mattress, he is using money as a
A) medium of exchange. B) unit of accounting. C) store of value. D) standard of deferred value.
Refer to the figure above. If the monopolist faces a constant marginal cost of $10, at what price should it sell its output?
A) $2 B) $10 C) $12 D) $14
Which of the following people would be counted in the labor force?
a. Chou, who lost his job and last looked for work three months ago b. Stephanie, who holds a Ph.D. in history but can only find part-time employment at a fast food restaurant c. Jordan, who would like to work as a stockbroker but is a stay-at-home father d. Steffan, who is a patient in a mental hospital e. Monique, age 90, who is enjoying her retirement in Montana
Which of the following is not a characteristic of a perfectly competitive market?
a. There are many buyers and sellers. b. Firms can freely enter and exit the market. c. Many firms have market power. d. Firms sell very similar products.