Which of the following is an example of a public good?
A. A weather warning system.
B. A television set.
C. A sofa.
D. A bottle of soda.
Answer: A. A weather warning system.
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According to the principle of diminishing returns, if the number of workers is increased beyond the point of diminishing returns, then the additional worker:
A. increases total output by the same amount as previous workers. B. increases total output by more than the amount of previous workers. C. increases total output by less than the amount of previous workers. D. decreases total output.
Refer to the graph shown. An effective price ceiling at $3 imposes a deadweight loss of:
A. 50. B. 30. C. 20. D. 100.
Refer to the given data. If this nation were entirely closed to international trade, equilibrium price and quantity would be:
Answer the question on the basis of the following domestic supply and demand schedules for a product. Suppose that the world price of the product is $1.
A. $5 and 2 units.
B. $1 and 1 unit.
C. $4 and 4 units.
D. $3 and 7 units.
At any wage rate, the quantity of welders willing to work is less than the quantity of tomato pickers. Why?
What will be an ideal response?