An example of a public good is
A. a grocery store.
B. a ticket to a baseball game.
C. a hardwood forest in a national park.
D. an orange grove.
Answer: C
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In the economic way of thinking, the right to coerce adults is
A) immoral. B) a property right. C) the most efficient way for management to control labor. D) necessarily antithetical to a free and open society. E) good because it's rooted in the Old Testament.
The price of a financial asset equals the
A) future value of all payments B) sum of all payments C) present value of all future payments D) difference between the future value and present value of all payments
If a natural disaster were to cause a negative long-run supply shock to the economy, once the economy adjusts, the new equilibrium will be at a:
A. higher price level and lower level of output. B. lower price level and lower level of output. C. higher price level and higher level of output. D. lower price level and higher level of output.
A manager of a firm with market power faces the marginal revenue product and average revenue product curves shown below. The firm incurs weekly fixed costs of $1,800. The firm employs a single variable input, labor, which costs $600 per worker each week. ss
Given the above, in profit-maximizing (or loss-minimizing) equilibrium, the firm's total variable costs are
A. $400. B. $12,000. C. $6,000. D. $600. E. none of the above