Freeways in large cities tend to be congested during rush hours to the point where offer little or no advantage over non-freeway routes because
A) drivers generally ignore marginal benefits and costs.
B) drivers usually ignore marginal benefits and costs during rush hours.
C) no monetary fee is charged for the use of freeways during rush hours.
D) not enough freeways have been constructed due to special interests' control of the government.
E) people need to get to work and the demand for freeway travel is consequently inelastic during rush hours.
C
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Nominal GDP can change
A) only if prices change. B) only if the quantities of goods and services change. C) only if prices increase. D) if either prices or the quantities of goods and services change. E) only if prices and the quantities of the goods and services change.
Suppose the country of Mooland imposes a tariff on imported beef from the country of Aqualand. As a result of the tariff, the
A) price of beef in Mooland falls. B) quantity of beef exported by Mooland increases. C) quantity of beef imported by Mooland decreases. D) quantity of beef imported by Mooland increases.
Many universities have either a top football program OR a top basketball program. Very few have both. These results suggest the presence of
A) economies of scope. B) diseconomies of scope. C) returns to scale. D) the law of diminishing marginal returns.
For a ________, increasing the equilibrium ________ in the retail market is the key to successful use of resale price maintenance.
A) distributor; quantity sold B) manufacturer; quantity sold C) manufacturer; price D) retailer; quantity sold