The development of pay-per-view technology:
A. converted a collective good into a private good.
B. has made all consumers worse off.
C. allows consumers to see movies that were previously unavailable for several years.
D. converted a pure public good into a collective good.
Answer: D
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The real wage rate is $35 an hour. At this wage rate there are 100 billion labor hours supplied and 200 billion labor hours demanded. There is a
A) shortage of 300 billion hours of labor. B) shortage of 100 billion hours of labor. C) surplus of 100 billion hours of labor. D) surplus of 300 billion hours of labor. E) shortage of 200 billion hours of labor.
A corrective subsidy induces the ________ to the socially optimal level
A) consumers of a negative externality to increase the quantity consumed B) producers of a negative externality to increase the quantity produced C) consumers of a positive externality to increase the quantity consumed D) producers of a positive externality to reduce the quantity produced
Which of the following describes two-part tariff pricing?
A) A firm charges two different prices for the same good. B) An importer has to pay a tax at the nation's borders, and a sales tax when the good is sold. C) A buyer must pay a down payment and monthly payments to buy big-ticket items such as a car, a plasma television, or a suite of furniture. D) A buyer pays an initial price for entrance to the market and an additional fee for each unit of the product purchased.
A politician may be considered an entrepreneur in the sense that
a. he is always open to bribery. b. identical personal characteristics are necessary for success in politics and in business. c. the successful politician discovers and offers voters political goods when voter demand is strong for him. d. like the businessman, the politician selfishly attempts to gain at the expense of his customers.