What particular characteristic do public goods and club goods have in common?
Public goods and club goods are both nonrival in consumption; that is, one person's use of these goods does not diminish another person's ability to use them.
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Suppose IBM purchases a factory in Japan. This purchase is entered into which of the balance of payments accounts?
A) capital and financial account B) official settlements account C) trade account D) purchases account E) current account
Refer to the above table. What does the marginal revenue product equal when 28 workers are hired a week?
A) $1040 B) $900 C) $210 D) $7.50
Table 10-1 Q (in units) AFC (in dollars) AVC (in dollars) MC (in dollars) 0 C C C 2 2.5 18 10 4 1.25 14 14 6 0.83 18 42 8 0.63 30 94 10 0.5 50 170 In Table 10-1 are the short-run cost schedules of a perfectly competitive firm. Below what price would the firm choose to shut down?
A. $50 B. $20 C. $18 D. $14
People who often create benefits for the minority and impose the cost on the majority are called:
a. fair-interest groups. b. encounter groups. c. laissez-faire groups. d. special-interest groups.