Which of the following is a property of a public good?
a. It is established by legislation. b. Free riders are excluded.
c. Users collectively consume benefits. d. It is determined by positive economics.
c
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Cell phone companies offer pricing plan alternatives in order to convert some
a. consumer surplus into profit b. producer surplus into profit c. economic profit into normal profit d. profit into consumer surplus e. consumer surplus into deadweight loss
Brandon is having difficulty deciding between two jobs, X and Y. As shown in the accompanying diagram, X entails a greater risk of injury than Y, but pays more. Ideally, Brandon would like a job that both pays well and does not entail a high risk of injury. 
If Brandon behaves like most decision-makers, then the addition of option Z would:
A. have no impact on his choice of X and Y. B. increase his likelihood of picking X. C. decrease his likelihood of accepting any job. D. increase his likelihood of picking Y.
Which of the following is an example of the life-cycle motive for saving?
A. Jordan sets aside $200 per month in case she has to pay for a new roof for her house. B. Chris keeps $15,000 in a money market account to pay expenses in case he loses his job. C. Pat puts $400 per month in his 401(k) retirement account. D. Gerry and Terry put $2,000,000 in a trust fund that will go to their children when they die.
There are asymmetric incentives to support and to oppose protectionist trade policies, with the stronger incentives going to those that would seek protection
Indicate whether the statement is true or false