A public good
A. Is overproduced by the market.
B. Is any good produced by the government.
C. Causes government failure.
D. Is subject to the free-rider dilemma.
Answer: D
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Raiman's Shoe Repair also produces custom-made shoes. When Mr. Raiman produces 12 pair a week, the MC of the twelfth pair is $64, and the MR of that unit is $70 . What would you advise Mr. Raiman to do?
a. shut down b. produce more custom-made shoes c. stay at 12 pairs a week d. produce fewer custom-made shoes e. decrease price
Which of the following is not held constant along a demand curve for labor by a firm?
a. the firm's technology of production b. the price of the firm's output c. the marginal product of labor for the firm d. the price of substitutes for the firm's output
The Montreal Protocol and its subsequent amendments
a. accomplished little in correcting ozone depletion b. failed to recognize the special problems of developing nations c. established and implemented phase out schedules for ozone depleters d. was an international agreement aimed at addressing climate change
Recessions
A. almost never occur in the American economy. B. follow a regular and predictable cycle. C. are common features of the American economy. D. have been abolished by wise macroeconomic policy.