Why is cable TV reception regarded as a club good?
Cable TV reception is excludable, because the supplier can prevent the signal from being received by any particular customer. Cable TV reception is not rival in consumption, because one customer's reception of programming does not reduce the ability of other customers to receive the programming.
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Alternate Outputs from One Day's Labor Input:
USA: 12 bushels of wheat or 3 yards of textiles. India: 3 bushels of wheat or 12 yards of textiles. From the data, the USA: a. has an absolute advantage over India in the production of textiles. b. has an absolute advantage over India in the production of wheat. c. has a comparative advantage in the production of textiles. d. should export textiles to India.
The demand schedule for a good
a. indicates the relationship between the price of the good and the price of other goods. b. indicates the quantities of the good that people will buy at various prices. c. illustrates the quantity producers will provide at alternative prices. d. is determined primarily by the cost of producing the good.
All games involve which of the following?
A. Full information B. Payoffs C. A predictable outcome D. A game master
In the 1937-1938 economic downturn
A. the number of unemployed rose dramatically by about 5 million. B. industrial production fell by 30 percent. C. presidential as well as Federal Reserve policy helped to cause the decline. D. All of the choices are true.