When a good is rival in consumption:
A. one person's consumption prevents or decreases others' ability to consume it.
B. it is possible for sellers to prevent its use by those who have not paid for it.
C. consumers have a perception of scarcity of that good.
D. the government has specific import policies limiting its supply.
A. one person's consumption prevents or decreases others' ability to consume it.
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Refer to Figure 7.2. A movement from A to B in the figure represents
A) economies of scale. B) diseconomies of scale. C) learning. D) economies of scope. E) diseconomies of scope.
Suppose that you have returned from your fishing expedition with 20,000 fish. The market price is $3 per fish. Your average fixed cost was $1 and your total variable cost was $5,000 . If the price jumps to $3.50 before you sell your first fish, how much extra profit, if any, do you earn?
a. c and d. b. Extra profit is zero. c. Extra profit is enough to cover half of the fixed cost of your next trip. d. Extra profit is enough to cover all of the variable costs of your next two trips. e. Extra profit is $45,000.
Assume that the central bank increases the reserve requirement. If the nation has highly mobile international capital markets and a flexible exchange rate system, what happens to the real risk-free interest rate and net nonreserve-related international borrowing/lending in the context of the Three-Sector-Model?
a. The real risk-free interest rate rises, and net nonreserve-related international borrowing/lending becomes more positive (or less negative). b. There is not enough information to determine what happens to these two macroeconomic variables. c. The real risk-free interest rate and net nonreserve-related international borrowing/lending remain the same. d. The real risk-free interest rate rises, and net nonreserve-related international borrowing/lending becomes more negative (or less positive). e. The real risk-free interest rate falls, and net nonreserve-related international borrowing/lending becomes more negative (or less positive).
The Social Security tax, and to a large extent, the federal income tax, are labor taxes
a. True b. False Indicate whether the statement is true or false