If you watch a football game on a cable TV, the cable TV is:
A. an excludable good/service but nonrival in consumption.
B. an excludable good/service and rival in consumption.
C. a non-excludable good/service but rival in consumption.
D. a non-excludable good/service and nonrival.
Answer: A
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Expected values are
a. Values that you expect from an individual b. Mean values c. Weighted average outcomes d. Both B&C
Consider the hypothetical supply and demand of Kidneys.
If the government allows the buying and selling of kidneys, what will be the resulting price and quantity of kidneys?
A. (0, 900)
B. (1200, 2000)
C. (1500, 900)
D. No kidneys would be exchanged.
According to the text, "economics tempers the enthusiasm of a manager to focus on the customer" because
A) customers hardly know what they want. B) focusing solely on the customer may ignore other important elements of business success. C) it shows the manager that the greatest benefit to the firm is to sell more. D) it enables the manager to see that any kind of customer focus is not worth the costs. E) it ensures that managers will find equilibrium.
According to Friedman and Phelps, policymakers face a tradeoff between inflation and unemployment
a. only in the long run. b. only in the short run. c. in neither the long run nor short run. d. in both the short run and long run.