Which of the following is an example of a public good?
A) Amtrak rail transport services
B) services of the U.S. Post Office
C) the provision of medical care
D) the provision of national defense
Answer: D
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Offering discounts to senior citizens is
A. a philanthropic decision. B. peak-level pricing. C. price discrimination. D. an inefficient practice.
If price is above the equilibrium price, then there will be:
A. excess demand. B. both excess supply and excess demand. C. excess supply. D. neither excess supply nor excess demand.
An improvement in consumer confidence will cause:
A. A movement down the aggregate demand curve. B. The aggregate supply curve to shift to the right. C. The aggregate demand curve to shift to the right. D. The aggregate demand curve to shift to the left.
Marginal cost
A. Rises as a direct result of diminishing returns. B. Rises whenever marginal revenue product rises. C. Falls in the short run because some resources are fixed. D. Falls whenever marginal physical product decreases.