People cannot be prevented from using a good if the good is
a. a private good or a public good.
b. a private good or a common resource.
c. a public good or a common resource.
d. a public good or a club good.
c
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As one moves down a straight-line demand curve away from the vertical axis, demand becomes less elastic and then inelastic.
Answer the following statement true (T) or false (F)
Suppose the price of movies seen at a theater rises from $12 per couple to $20 per couple. The theater manager observes that the rise in price causes attendance at a given movie to fall from 300 persons to 200 persons
What is the arc price elasticity of demand for movies? A) 0.5 B) 0.8 C) 1.0 D) 1.2
Savings and investments in the circular flow model are
a. ignored b. part of the firms' payments c. equal to each other and therefore cancel out d. generated by household earnings e. part of the economy's money flows
Which of the following causes of unemployment is not associated with a wage rate above the market equilibrium level?
a. efficiency wages
b. job search
c. minimum-wage laws
d. unions