The free-rider problem exists with
a. public transportation
b. knowledge.
c. online music subscriptions.
d. All of the above are correct.
b
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The above table shows production points on Sweet-Tooth Land's production possibilities frontier. What is the opportunity cost of one chocolate bar if Sweet-tooth Land moves from point C to point D?
A) 30 cans of cola per chocolate bar B) 10 cans of cola per chocolate bar C) 3 cans of cola per chocolate bar D) 1/3 can of cola per chocolate bar
It is useful to assume that there is a single representative consumer because
A) this is realistic. B) this is a useful abstraction if we are interested in problems where distribution effects are not important. C) this is the only model we know how to work with. D) a model with one consumer is the same as one with many consumers.
For the short-run Phillips curve to remain relatively stable, then changes in real GDP must occur primarily as a result of shifts in: a. changes in aggregate demand
b. changes in real wages caused by changes in the supply of labor. c. changes in inflationary expectations. d. changes in aggregate supply.
In the long run,
a. at least one of the firm's inputs is fixed b. customer tastes and preferences are fixed c. the firm may vary all inputs d. sunk costs become variable costs e. government intervention is inevitable