Scientific research is subsidized by the government because:
A. it yields benefits to consumers and producers who did not participate in the research.
B. researchers are underpaid by private firms, so the government must make up the difference.
C. much scientific research takes place at state-funded universities.
D. scientific research has no market value and so would not be undertaken without government intervention.
Answer: A
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As you eat a banana, there is less and less of it left. If others were expecting to eat it too, they are out of luck. In this sense, a banana is a(n)
a. exclusive good b. rival good c. public good d. merit good e. nonexclusive good
Which of the following is an effect of monopsony?
a. Fewer workers will be hired. b. More workers will be promoted. c. Workers will receive higher wages. d. Workers will be more mobile.
Which of the following will shift the aggregate demand curve to the left, ceteris paribus?
A) an increase in interest rates B) an increase in disposable income C) an increase in expected profits for firms D) an increase in net exports
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same. B. at any of the labeled points, as all of the points represent an efficient allocation of resources. C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced. D. indeterminate from this information, as we don't have any information about the society's desires.