Which of the following is not an example of an open access resource?
a. deer in the forest
b. fish in the ocean
c. oil deposits
d. wild flowers
e. King crabs in the Bering Sea
C
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During 2008 the supply of gasoline decreased while at the same time the demand for gasoline increased If the magnitude of the increase in demand was greater than the magnitude of the decrease in supply, then the equilibrium price of gasoline ________ and the equilibrium quantity ________.
A) increased; increased B) increased; decreased C) increased; did not change D) decreased; did not change E) did not change; increased
An antitrust agency is identifying the product market for Good X and determines that Good X and Good Y have a cross-price elasticity of 0.04. As a result of the cross-price elasticity, the antitrust agency is likely to ________ Good Y from Good X's product market as the products ________ compete as close substitutes.
A) include; do B) exclude; do C) include; do not D) exclude; do not
Which of the following is not considered an economic resource?
A. Real estate B. A personal relationship C. Cash D. These are all examples of a resource.
A key assumption of the Keynesian model of macroeconomics is a fixed _____
a. interest rate b. price level c. exchange rate d. growth rate e. unemployment level