Washington D.C.'s metro train system is being extended further into the neighboring states of Maryland and Virginia, thereby reducing the cost of commuting into the United States' capitol
Other things being held constant, this can be expected to: A) decrease the extent of the market for housing around Washington D.C.
B) increase the extent of the market for housing around Washington D.C.
C) have no effect on the extent of the market for housing around Washington D.C. as the actual geography remains unchanged.
D) have no effect on the extent of the market for housing around Washington D.C. as the range of houses available has not changed.
E) have no effect on the extent of the market for housing around Washington D.C. as property taxes have not changed.
B
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A public good
a. possesses the characteristic of nonrivalry in consumption b. is one whose benefits cannot be shared c. is provided by the public sector d. has nonexcludable benefits e. both (a) and (d)
According to Keynes, money wages
a. would adjust in the short run in order to maintain full-employment. b. are inflexible in the short run are cannot guarantee full-employment levels of output. c. are inflexible and fall as the price level rises. d. are more flexible downward than upward direction.
When the demand curve for an input is a derived demand this means that
A) the demand curve is derived from the demand for the final product being produced. B) the demand curve depends upon the MFC. C) the law of diminishing marginal product does not hold. D) the demand curve slopes upward.
Suppose that Megabucks Corporation is earning an economic profit of $4,000 through the sale of a product. If the price of the product is $6 per unit and its ATC is $4 per unit, Megabucks must be producing 8,000 units
a. True b. False Indicate whether the statement is true or false