If a consumer can be easily prevented from consuming a good or service by a producer, then the good exhibits
A. rivalry.
B. an externality.
C. exclusivity.
D. a moral loss.
Answer: C
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Between the years 1870 and 1920, what happened to the agricultural labor force?
(a) It nearly doubled in numbers but declined significantly in its share of the total labor force. (b) It remained about the same in numbers and declined significantly as a percent of the total labor force. (c) It nearly doubled in numbers while remaining approximately the same percentage of the total labor force. (d) It declined both in numbers and as a percent of the total labor force.
Assuming an inflationary gap exists, classical economists believe that flexible wages will restore full employment
a. True b. False Indicate whether the statement is true or false
The cost-benefit model used by economists is:
A. useful because most people follow it most of the time. B. unrealistic because it is too detailed and specific to apply to most situations. C. useful because everyone follows it all of the time. D. unrealistic because everyone can think of times when he or she violated the principle.
The manager of View Your World, a high-end window manufacturer, notices that the cost to purchase glass for their windows in the spot market has fallen. As a result of the change, which of the following is true?
A) The manager has less of an incentive to integrate backward. B) The manager has less of an incentive to integrate forward. C) The manager has more of an incentive to integrate forward. D) The manager has more of an incentive to integrate backward.