People who enjoy the benefits of a public good without paying for them are called:
A. spillover parties.
B. external consumers.
C. free riders.
D. antitrust violators.
Answer: C
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Downward wage rigidity arises when:
A) workers expect wages to increase due to economic expansion. B) workers and firms resist to wage cuts. C) firms resist increasing wages. D) quantity of labor demanded exceeds the quantity of labor supplied.
If tofu is a normal good, an increase in income will:
a. cause tofu to sell at a lower price. b. increase the production of tofu. c. shift the demand curve for tofu to the left. d. shift the demand curve for tofu to the right. e. rotate the supply curve in a clockwise manner.
Which of the following is false? a. Generally speaking, higher levels of saving will lead to higher levels of investment and capital formation and, therefore, to greater economic growth. b. Economic growth rates tend to be higher in countries where the government enforces property rights
c. Investment alone does not guarantee economic growth, which hinges importantly on the quality and the type of investment as well. d. None of the above are false; all are true.
.If price falls, what happens to the demand for a product?
What will be an ideal response?