Figure 3-3
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In Figure 3-3, a shift from A to B seems most consistent with which of the following scenarios?
A. Society has decided to give guns lower priority.
B. Technological advances have been greater for guns than for butter.
C. The society has experienced a massive immigration of labor.
D. There are unemployed resources in the production of both guns and butter.
Answer: C
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When one person consumes a nonexcludable good,
a. others cannot be prevented from also consuming it. b. it can be provided to others for no additional cost. c. the amount available for others to consume is reduced. d. any other users will receive zero economic rent from it.
In the summer 2012 the lobster catch in Maine was especially large, but instead of celebrating the fisherman were suffering from a lower total revenue. (Source: New York Times, July 28, 2012 ) As the lobster catch increases, there is
A) a movement along the demand curve, resulting in a higher price and a decreased quantity. B) a movement along the demand curve, resulting in a lower price and an increased quantity. C) no change in either the price or the quantity. D) a movement along the demand curve, resulting in a higher price and an increased quantity.
__________________ vocally and actively opposed the re-chartering of the Second Bank of the United States
a. Nicholas Biddle b. Henry Clay c. Andrew Jackson d. Alexander Hamilton
If aggregate quantity supplied exceeds aggregate quantity demanded, we can expect an unplanned
A. depletion of inventories, causing firms to raise prices. B. depletion of inventories, causing firms to lower prices. C. accumulation of inventories, causing firms to raise prices. D. accumulation of inventories, causing firms to lower prices.