The MRTS for isoquants in a fixed-proportion production function is:
A) zero or one.
B) always zero.
C) always one.
D) zero or undefined.
D
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The free rider problem is triggered when a good is ______________, and the tragedy of the commons arises when a good is ________________
A. nonexcludable; both rivalrous and nonexcludable. B. rivalrous; both rivalrous and nonexcludable. C. both rivalrous and nonexcludable; rivalrous. D. both rivalrous and nonexcludable; excludable.
Which of the following is not a factor that can shift the short-run aggregate supply curve?
A) changes in the wage rate B) changes in the price of non-labor inputs such as oil C) changes in labor productivity D) a severe drought which extensively damages grain crops E) none of the above
In order to be successful in a market economy, entrepreneurs must
What will be an ideal response?
Of the following, which has most likely contributed the most to the rapid rise in health care costs in the United States?
A) the cost of malpractice insurance B) the cost to treat uninsured patients C) slow growth in labor productivity in health care D) the cost of malpractice lawsuit settlements