A public good has the quality of excludability but not the quality of depletability.
Answer the following statement true (T) or false (F)
False
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Is increased capital spending the only way for an economy to expand its production possibilities frontier?
A. No, an economy can also expand by invention and innovation. B. No, an economy can also grow by investment instead of capital spending. C. Yes, more capital is the only way to expand its production possibilities frontier. D. Yes, although more capital clearly has a high opportunity cost. E. Yes, because capital is the only constraining resource that limits growth.
The figure above shows the market for low-skilled labor in Midland city. The government sets a minimum wage at $6 per hour. With the minimum wage law enacted, the potential loss from job search in Midland city is
A) $60 million. B) $120 million. C) $40 million. D) zero.
By 1860, almost ¾ of the U.S. output of cotton goods was produced in:
a. the area surrounding Philadelphia. b. New England. c. the Mid-Atlantic states. d. New York City.
If unemployment insurance causes someone to wait longer before looking for work, this would be called
A. asymmetric information. B. moral hazard. C. adverse selection. D. adverse allocation.