Identify the public good in the following
a. A small library with a limited collection of books
b. A crowded children's park in your neighborhood
c. The visit to a museum which charges a nominal entry fee
d. The scenic view of the ocean from a beach
D
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From a firm's viewpoint, opportunity cost is the
A) best alternative use customers can find for the firm's output. B) cost the firm must pay for the factors of production it employs to attract them from their best alternative use. C) accounting cost of resources. D) price a firm can charge for its output. E) cost of acquiring the opportunity to sell to its customers.
Only individuals choose, which means
A) only individuals exist. B) collectives do not exist. C) only individuals can assess the expected costs and benefits of an action. D) all of the above.
In the aggregate demand and supply model, the:
a. aggregate supply curve is horizontal at full-employment real GDP. b. vertical axis measures real GDP. c. vertical axis measures the average price level. d. All of these. e. None of these.
Which of the following best explains why garbage collectors are paid a higher wage than many others with comparable skills?
a. because of the dangers associated with collecting trash b. because garbage collectors work much longer hours on average than do those in other jobs c. because of the unpleasantness associated with trash collection d. because garbage collectors possess skills that are in relatively high demand