What does it mean for a good to be nonexcludable?
What will be an ideal response?
A good is nonexcludable if no one can be excluded from enjoying its benefits once it is produced.
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The federal funds rate is the interest rate that ________ charge(s) ________.
A. banks; their best corporate customers B. the Fed; commercial banks C. banks; on federal student loans D. banks; other banks
The ________ curve shows a(n) ________ relationship between the real wage and the number of workers who are willing to work
A) labor demand; direct B) labor demand; positive C) labor supply; inverse D) labor supply; positive
A price-taking firm's variable cost function is C = Q3, where Q is the output per week. It has an avoidable fixed cost of $2,000 per week. Its marginal cost is MC = 3Q2. What is the profit maximizing output if the price is P = $192?
A. 0 B. 6 C. 8 D. 10
"Consumer sovereignty" refers to the:
A. fact that resource prices are higher than product prices in capitalistic economies. B. idea that the pursuit of self-interest is in the public interest. C. idea that the decisions of producers must ultimately conform to consumer demands. D. fact that a federal agency exists to protect consumers from harmful and defective products.