There are apartments in Chicago whose rooftops overlook Wrigley Field. On game day you can find free riders on the roof enjoying ____
a. free property rights b. an externality
c. a public good d. excess utility
b
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Which of the following will shift an economy's production possibilities curve inward?
A. an improvement in technology B. an increase in the unemployment rate C. a decrease in land, labor or capital D. a decrease in the unemployment rate
If the Fed buys government securities from the non-bank public, then
A) reserves at banks decrease. B) deposits at banks increase and banks' reserves increase. C) deposits at banks increase and banks' reserves decrease. D) loans at banks decrease. E) deposits at banks decrease and banks' reserves increase.
Suppose that a monopolist must choose between two points on its demand curve; it can sell 100 units for $3 each, or it can sell 160 units for $2 each. Which of the following is true?
a. The monopolist is facing an elastic demand. b. The monopolist is facing unit elastic demand. c. The monopolist is facing inelastic demand. d. The monopolist is facing perfectly elastic demand. e. The elasticity of demand cannot be determined with the information given.
A barter economy is different from a money economy in that a barter economy
A. encourages specialization and division of labor B. involves higher costs for each transaction C. eliminates the need for a double coincidence of wants D. has only a few assets that serve as a medium of exchange E. promotes market exchanges