How does competition affect entrepreneurs?
A. Raises prices for consumers
B. Lowers the cost to produce goods
C. Lowers prices for consumers
D. Nothing, entrepreneurs do not face competition the same way as businesses
Answer: C
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For which type of job would you expect to see a compensating differential?
a. An accountant. b. A police officer. c. A senator. d. A tele-marketer.
In practice, the size of the multiplier is about
A. 1. B. 1.4. C. 2.5. D. 3.
Ali decides to attend the one-hour review session for microeconomics instead of working at his job. His job pays him $10 per hour. Ali's opportunity cost of attending the review session is
A) equal to the benefit he gets from the review session. B) the one-hour review session. C) the value of the session minus the $10 he could have earned at his job. D) nothing, because the review session does not cost anything. E) the $10 he could have earned at his job.
Private goods are those for which consumption is
A) rival and excludable. B) rival and nonexcludable. C) nonrival and excludable. D) nonrival and nonexcludable.