Fireworks would be considered:
A. a common resource.
B. a private good.
C. a public good.
D. an artificially scarce good.
C. a public good.
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Which of the following are examples of explicit costs a firm might incur?
A) rent paid to the landlord B) wages earned by delivery drivers C) taxes owed to the IRS D) All of the above are examples of explicit costs.
When David Palmisano won the Powerball, he could choose between getting annual installments or taking a lump sum. An economist suggested that David think about
a. marginal product b. the present value of an income stream c. marginal disutility d. the present value of a payment only one year hence e. the demand for labor
A lender of last resort is a financial institution that is willing and able to lend to: a. individuals who have other debts outstanding
b. individuals who do not have a positive net worth. c. banks that are not members of the Federal Reserve System. d. fractional reserve system banks experiencing runs on their deposits. e. Federal Reserve System member banks experiencing runs on their deposits.
Suppose that the free market labor supply and labor demand equations are given by Qs = 5W and Qd = 30 ? 5W. If the minimum wage were set at $2.50 an hour, how many people would not be able to find work?
A. 0 B. 10 C. 20 D. 30