Horatio can produce either a combination of 15 bird houses and 25 wind chimes or a combination of 30 bird houses and 15 wind chimes
If he now produces 30 bird houses and 15 wind chimes, what is the opportunity cost of producing an additional 10 wind chimes?
A) 2 bird houses B) 15 bird houses C) 30 bird houses D) 45 bird houses
B
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If the marginal benefit of getting a college degree rises, rational people will
A) drop out of college. B) not change their behavior. C) attend college in greater numbers. D) require that college get easier. E) raise the marginal cost of attending college.
Free riding is primarily a characteristic of pure private goods
Indicate whether the statement is true or false
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.
A government protection for an inventor that provides the inventor with the right to make use of her invention in any way she desires is
A. a trademark. B. a copyright. C. an innovation. D. a patent.