What is Wendy’s opportunity cost of producing a yard of cloth?
a. 3 pounds of food
b. 2 pounds of food
c. 1 pound of food
d. 1/2 pound of food
b. 2 pounds of food
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Classifying a good as excludable means
A) that anyone who does not pay for the good cannot consume it. B) that consumption of the good generates no externalities. C) that a producer with patent or copyright protection can exclude any other producer from selling the product. D) that someone can be barred from consuming the good based on race, ethnicity, or some other irrelevant characteristic.
If the free market is called upon to provide public goods, then:
A. there will more public goods provided than is optimal. B. there will be fewer public goods provided than is optimal. C. the market will provide the optimal number of public goods. D. the market price will be correct, and the optimal amount of output of public goods will be produced.
The short-run aggregate supply curve in modern Keynesian analysis is
A. horizontal. B. upward sloping. C. vertical. D. downward sloping.
The effect that a gift given to a U.S. citizen from a foreign resident will have on the balance of payments is to
A. have no effect on the balance of payments if the gift was made by a foreign country. B. have no effect on the balance of payments if the gift was made in the U.S. C. decrease the balance of payments. D. increase the current account balance.