If no one can be excluded from consuming its benefits and there is no rivalry in consumption, then the good is a ________ good.
A. free
B. Pareto
C. public
D. private
Answer: C
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Consider an oligopoly that has two firms, one with a 75 percent market share and the other with a 25 percent market share. The Herfindahl index for this market is:
a. 5,625. b. 6,250. c. 625. d. 5,000. e. 8,500.
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were to open to trade, the amount consumed domestically would:
A. increase by 35. B. decrease by 90. C. decrease by 35. D. increase by 90.
The marginal propensity to consume _____
Fill in the blank(s) with the appropriate word(s).
A proposed increase in the federal income tax rates may actually be viewed favorably by many mayors of cities because:
A. it will allow them to also raise their tax rates. B. it will cause the price of municipal bonds to increase and their yields to decrease. C. people will pay less attention to local taxes. D. it will cause the demand for municipal bonds to increase and their yields to increase.