Are national forests public goods? Explain.
What will be an ideal response?
Yes. Forests provide soil retention with root systems and help store carbon while releasing oxygen into the air. These benefits are not (generally) depletable and are not excludable.
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Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 3.1 shows how much of each good Jesse and April can paint in one hour. April's opportunity cost of painting one snowboard is painting
A) 1.5 kites. B) 3 kites. C) 4 kites. D) 12 kites.
The price elasticity of demand measures which of the following?
A) the slope of the demand curve B) the rate at which demand changes when price changes C) how responsive the quantity demanded is to changes in price D) the percentage-slope of the demand curve E) None of these correctly defines what price elasticity of demand measures.
If a production possibilities curve were bowed in or convex to the origin of a graph, it would demonstrate:
A) increasing opportunity cost. B) decreasing opportunity cost. C) constant opportunity cost. D) fluctuating opportunity cost.
On an afternoon that a class meets, you could alternatively study for an exam that will take place in another class the next morning, go to a movie with a friend, or, most desirable to you at present, take a nap. The opportunity cost of attending the afternoon class is
A. missing seeing the movie with your friend. B. forgoing the nap. C. giving up the time to study for the next morning's exam. D. being unable to engage in all three of the above activities.