Commentators on the presidential election between Bush and Gore in 2000 believe that the presence of Nader, a third party candidate:
A. drew votes away from Bush and caused him to win the election.
B. drew votes away from Bush and caused him to lose the election.
C. drew votes away from Gore and caused him to lose the election.
D. pushed more people to vote for Bush than otherwise would have, causing him to win the election.
Answer: C
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Darryl runs a ranch in Jackson, Wyoming. The interest on the debt he incurred to buy his ranch totals $3,000 per year. For Darryl, the interest is
A) an implicit cost. B) an explicit cost. C) his normal cost. D) his normal profit. E) part of his economic profit.
If a firm is in an antitrust court case being accused of monopolizing a product, the firm would hire an economist to show
A) the cross-price elasticity of demand between the firm's good and another is positive. B) the price elasticity of demand for the firm's good is highly inelastic. C) the income elasticity of the firm's good is inferior. D) the cross-price elasticity of demand between the firm's good and another is negative.
Expansionary monetary policy decreases the federal funds rate
Indicate whether the statement is true or false
In medieval Europe an important technological advance was the use of the padded horse collar for plowing. Once this idea was thought of, other people used it. This illustrates that knowledge is generally a
a. public good. b. societal good. c. private good. d. normal good.