Which of the following contains most of the characteristics of a public good?
A. a public library
B. education
C. trash collection
D. national defense
Answer: D
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Suppose the demand curve for medical care services is perfectly inelastic. What will happen to the equilibrium price and quantity if supply increases?
a. Price will fall and quantity will increase. b. Price and quantity will fall. c. Price will fall and quantity will stay the same. d. Price and quantity will rise. e. Price will stay the same and quantity will rise.
Answer the following question based on the graph showing the median voter. If Lucy, who is positioned at VM, took a poll during the election that showed voters were actually a bit more conservative than what is shown on the graph, she would have the best chance of winning by ______.
a. repositioning herself to V1
b. repositioning herself to V2
c. convincing voters her opponent is positioned at V2
d. convincing voters her opponent is positioned at V1
The short-run aggregate supply curve:
A. Becomes flatter at output levels above the full-employment output B. Becomes steep at output levels above the full-employment output C. Is upward-sloping with a constant slope D. Is horizontal
When economists speak of the short run, they are referring to _____
a. a specific period of time, usually less than one year b. a specific period of time, more than one year, but less than two years c. a specific period of time just long enough that the quantities of all resources can be varied d. a period of time short enough that the quantities of at least one of the resources cannot be varied e. a period of time short enough that none of the quantities of the resources can be varied