Public television periodically runs pledge drives to raise money. Only a small percentage of the people who benefit from public television are willing to pay. What do economists call the people who do not pay?
A. Adverse selectors
B. Free riders
C. Thieves
D. The excludable
Answer: B
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To ensure all students are protected from getting the flu this year, your school offers free flu shots. What type of externality exists in this example?
A) negative consumption externality B) positive consumption externality C) positive production externality D) negative production externality E) neutral externality
Which of the following restricts the volume of international trade?
a. stable prices b. tariffs c. the law of comparative advantage d. stable international monetary system
Real-world continued inflation is probably a result of continued
A) increases in aggregate demand. B) decreases in aggregate demand. C) increases in aggregate supply. D) decreases in aggregate supply.
The misery index diminished during the first Reagan administration, which means that the Phillips curve
A. Shifted to the right, thereby implying that stagflation had become a more acute problem than before. B. Shifted to the left, thereby implying an easing of the trade-off between inflation and unemployment. C. Maintained its position despite important changes in the composition of the labor force. D. Flattened out, thereby implying that some amount of inflation is consistent with any rate of unemployment.