Using a common resource:
A. creates a positive externality for others.
B. maximizes total surplus.
C. is an irrational decision.
D. imposes a negative externality on others.
D. imposes a negative externality on others.
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Starting from long-run equilibrium, an increase in autonomous consumption results in ________ output in the short run and ________ output in the long run.
A. higher; higher B. higher; potential C. lower; higher D. lower; potential
Producers of tablet computers will be able to lower the wage rate that they pay to their workers. You are asked to predict the effects on the supply of tablet computers, and the price of a tablet computer. You predict that the supply curve shifts
A) rightward, and the price is constant. B) leftward, and the price is constant. C) rightward, and the price falls. D) leftward, and the price rises.
Refer to Figure 18-8 to answer the following questions
a. Did the distribution of income become more equal in 2016 than it was in 2015, or did it become less equal? Explain. b. If area A = 1,900, area B = 450, and area C = 2,650, calculate the Gini coefficient for 2015 and the Gini coefficient for 2016.
Which of the following goods probably has the highest price elasticity of supply?
a) antique chairs b) baseball stadiums c) golf courses d) blue pencils