The income effect of a normal good is negative.
a. true
b. false
a. true
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Which of the points show efficient production points?
A) all points above the TP curve B) all points on the TP curve C) all the darkened points below the TP curve D) all the points above and on the TP curve E) all the darkened points below and on the TP curve
Economists are often concerned with the free-rider problem
a. What is meant by free riding? Explain with an example. b. Are public parks subject to the free-rider problem? What about keeping city streets clean? Explain your answer.
Whom among the following was a classical economist?
A) Adam Smith B) A. C. Pigou C) David Ricardo D) all of the above
Refer to Table 5.2, which gives cost information for the production of widgets. Some values are missing, however. Which of the following is true?
A. A=45, E=40 B. A=75, E=40 C. A=45, E=10 D. A=75, E=10