Public goods are nonrival in ________ and their ________ are nonexcludable.
A. production; benefits
B. production; costs
C. consumption; benefits
D. consumption; costs
Answer: C
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If the San Diego Opera decreases the price of their opera tickets and their total revenue falls, then this suggests that, at the original price, the demand for tickets to the San Diego Opera was:
A. elastic. B. unit elastic. C. inelastic. D. either elastic or inelastic.
Suppose that for the past two months, you have studied economics one hour a day. You now decide to study economics two hours a day. For the past two months
A) your marginal cost of studying economics for an hour must have exceeded its marginal benefit. B) the marginal cost of studying economics must have fallen. C) your marginal benefit from studying economics an hour must have been greater than its marginal cost. D) the opportunity cost of studying economics must have risen.
Anthony closes out his account in which he deposited $500 five years ago at an interest rate of 5%. Mark closes out his account in which he deposited $500 ten years ago at an interest rate of 5%. Who had more in their account? About how much more did he have?
Hours of work multiplied by output per hour equals
A. domestic income. B. investment. C. labor growth rate. D. GDP.