The free rider problem is triggered when a good is ______________, and the tragedy of the commons arises when a good is ________________
A. nonexcludable; both rivalrous and nonexcludable.
B. rivalrous; both rivalrous and nonexcludable.
C. both rivalrous and nonexcludable; rivalrous.
D. both rivalrous and nonexcludable; excludable.
A. nonexcludable; both rivalrous and nonexcludable.
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If Australia purchases $200,000 of oil from Saudi Arabia, this would mean ________.
A. Australia's balance of payments is $200,000 B. there is a credit in Australia's current account C. the change in Australia's capital and financial accounts must be zero D. the sum of the financial and capital accounts in Australia must increase by $200,000
Barter requires:
a. that the exchanged goods be portable. b. that the exchanged goods be durable. c. a coincidence of wants. d. that the exchange medium be divisible. e. an effective middleman.
Refer to Figure 3.1. If one of the graphs represents the total benefit of an activity, which other graph best represents the marginal benefit of the activity?
B. B
C. C
D. D
Which of the following has a production process that would be considered capital intensive?
A. Auto manufacturing B. A chorale C. Serving food at a restaurant. D. Police detective work