Public Broadcasting, in its fund drives, often appeals to viewers by saying, "without you, there will be no Big Bird." This is likely to ________ the free-rider problem and lead to a ________ level of contribution to the public good.
A. increase; smaller
B. increase; larger
C. reduce; smaller
D. reduce; larger
Answer: D
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Refer to Figure 9-2. As a result of the tariff, domestic producers increase their quantity supplied by
A) 31 million pounds of rice. B) 22 million pounds of rice. C) 15 million pounds or rice. D) 6 million pounds of rice.
A value of the absolute price elasticity of demand equal to 0.25 indicates that
A. a 1% decrease in price leads to a 2.5% increase in quantity demanded. B. a 10% decrease in price leads to a 25% increase in quantity demanded. C. a 10% decrease in price leads to a 2.5% increase in quantity demanded. D. a 0.25% decrease in price leads to a 1% increase in quantity.
Refer to the given information. The labor force in Scoob is:
Answer the question on the basis of the following information about the hypothetical economy of Scoob. All figures are in millions.
A. 95 million.
B. 102 million.
C. 105 million.
D. 145 million.
Consider the market for ride-on lawn mowers and the recent increases in the price of oil. The recent increase in the price of oil makes it more expensive to manufacture ride-on lawn mowers. An increase in the price of oil also makes it more expensive to run a ride-on mower. If the price of oil increases, the demand for ride-on mowers will ______ and the supply will _______.
A. increase; increase B. decrease; decrease C. increase; decrease D. decrease; increase