The unwillingness of individuals to share in the cost of a public good is called the:
A. volunteer problem.
B. social conscience problem.
C. public choice problem.
D. free rider problem.
Answer: D
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Suppose you're willing to tutor a student for $10 an hour. The student pays you $15 an hour. What is your producer surplus?
A) $5 an hour B) $10 an hour C) $15 an hour D) $25 an hour E) More than $25 an hour
Which of the following is TRUE concerning equilibrium in a monopsonistic factor market?
A) The firm uses the efficient level of the input but does not maximize profit. B) The firm maximizes profit but does not use the efficient level of the input. C) The firm maximizes profit and uses the efficient level of the input. D) The firm either maximizes profit or uses the efficient level of the input, but it cannot do both at the same time.
Which of the following can be categorized as a composite currency?
a. Italian lira b. European Currency Unit c. Pound d. Australian dollar e. Danish Krone
An equilibrium point beyond a potential GDP is termed as
A. deflationary gap. B. recessionary gap. C. inflationary gap. D. acceleration gap.