Which of the following is likely to cause a market failure and be over consumed?
A. Cable TV
B. Grazing pastureland
C. Public health
D. Education
B. Grazing pastureland
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Refer to Table 1-3. What is Santiago's marginal benefit if he decides to stay open for an extra two hours instead of one hour?
A) $40 B) $50 C) $120 D) $190
Which of the following products comes closest to having a perfectly inelastic demand?
A) bus rides B) cholesterol medication in general C) gasoline D) iPhones
The economic impact of automatic stabilizers during ________ periods is to decrease taxes.
A. growth B. recessionary C. expansionary D. inflationary
Which statement is true?
A. The United States' economy is larger than Japan's and the United States' population is larger than Japan's. B. The United States' economy is smaller than Japan's and The United States' population is smaller than Japan's. C. The United States' economy is larger than Japan's and The United States' population is smaller than Japan's. D. The United States' economy is smaller than Japan's and The United States' population is larger than Japan's.