How does an additional individual's consumption of a good that is nonrival-in-consumption, such as a radio broadcast, affect the amount of the good available to other consumers?
a. The amount available to others will decline.
b. The amount available to others will increase.
c. The amount available to others is unaffected.
d. The amount available to others is eliminated.
C
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Labor productivity is calculated as
A) (real GDP ÷ aggregate hours). B) (real GDP ÷ aggregate hours × number of workers). C) (real GDP ÷ number of workers × ratio of capital per worker). D) (real GDP ÷ technology level). E) (real GDP ÷ aggregate hours × number of workers) × 100.
An example of a perfectly competitive industry is
A) a big city police department. B) the market for corn in the United States. C) the market for French impressionists' paintings. D) the National Football League.
Most economists are concerned about entry barriers. Why is this so important to them?
What will be an ideal response?
In the endogenous growth model, an increase in a worker's level of human capital
A) increases the amount of additional human capital she can produce, but does not increase the amount of output she can produce. B) increases the amount of additional output she can produce, but does not increase the amount of human capital she can produce. C) increases both the amount of additional human capital she can produce and the amount of output she can produce. D) increases neither the amount of additional human capital she can produce nor the amount of output she can produce.