On holiday weekends thousands of people picnic in state parks. Some picnic areas become so overcrowded the benefit or value of picnicking diminishes to zero. An overcrowded picnic area is an example of
a. a private good.
b. a club good.
c. a Tragedy of the Commons.
d. public good.
c
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
Marginal benefit and marginal cost must _______ to avoid a deadweight loss.
A. equal B. never equal C. decrease at an increasing rate D. increase at an increasing rate
After browsing several pairs of shoes, Bob buys a pair of Nike running shoes. Economists would say that:
A. Bob is revealing his strong distaste for New Balance running shoes. B. Bob is revealing he will always choose Nike over any other shoe brand. C. Bob will get more utility per dollar from the Nike running shoes than any other in the store. D. Bob made a poor choice, if he really prefers Adidas.