Which of the following is NOT an example of a common property resource?
A) Water in underground aquifers
B) Public highways in large cities
C) Fish stocks in open waters
D) Outdoor concerts
D
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The assertion that if resources are allocated efficiently, they also are allocated fairly is made by
A) all utilitarians. B) John Rawls, who proposed making the poorest as well off as possible. C) Robert Nozick, who believes that equality of opportunity is fair. D) all economists who understand the big tradeoff.
The figure below shows the demand for meals at lunch and dinner for a proposed new restaurant. Suppose the marginal cost of a meal (both lunch and dinner) is constant at $10 per meal and marginal cost of providing the capacity is constant at $5 per meal. Once the managers have determined the profit-maximizing capacity, at dinner they will serve ________ meals and set a price of ________ per meal.
A) 200; $35 B) 800; $25 C) 200; $20 D) 600; $30
Given the following figures, by approximately what percentage did Aiden's real income increase between 2004 and 2005? Aiden's 2004 money income = $50,000 Aiden's 2005 money income = $55,000 2004 CPI = 120.0 2005 CPI = 128.0
a. zero b. 3.1 percent c. 6.7 percent d. 10 percent
Figure 4-25
Refer to . The price that sellers receive after the tax is imposed is
a.
P1.
b.
P2.
c.
P3.
d.
impossible to determine from the figure.