Which of the following is a free rider?
A. Butch breeds the feared pit bulls, and his neighbors now erect fences around their property.
B. Fred watches many public television programs, but he has never sent in a contribution.
C. Barry steals candy from the store where he works.
D. Betty regularly rides public transportation.
Answer: B
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Why is the benefit of something measured by what you are willing to give up?
What will be an ideal response?
The ability to produce a good at a lower opportunity cost than another producer is called
A) absolute advantage. B) comparative advantage. C) specialization. D) protectionism.
In the figure above, with no government involvement and if the colleges are competitive, what is the tuition?
A) $10,000 per year B) $14,000 per year C) $8,000 per year D) $16,000 per year
Suppose the real wage of a worker remains unchanged between Year 1 and Year 2 but the nominal wage decreases from $20 in Year 1 to $18 in Year 2 . This implies that the price level has: a. increased by 20 percent. b. increased by 25 percent. c. remained unchanged
d. fallen by 10 percent. e. fallen by 20 percent.