How did the farm population in the United States change between 1950 and today?
a. It dropped from 10 million to fewer than 3 million people.
b. It dropped from 20 million to fewer than 5 million people.
c. It dropped from 30 million to just over 6 million people.
d. It increased from 10 million to almost 13 million people.
a
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A macroeconomist would study
A) the price changes at K-Mart. B) the cost problems at several airlines. C) the economy's unemployment level. D) none of the above.
Nonexcludable goods tend to be undersupplied because:
A. the free rider problem persists. B. people do not pay the true value of the good. C. people rarely willingly pay for something they could get for free, regardless of how much they value it. D. All of these statements are true.
Which of the following properties can be associated with an indifference curve of a risk-averse investor?
a. Indifference curve for a risk-averse investor is a vertical line parallel to the variance axis. b. Two indifference curves can intersect at the equilibrium combination of risk and return. c. An indifference curve closer to the expected return axis gives a better utility than the one farther away. d. Indifference curve for a risk-averse investor is always downward sloping.
The incentive to charge a low price even though it leads to lower profits in Figure 12.3 is an example of:
A. the duopolists' dilemma. B. tying products. C. scarcity and choice. D. the economic problem.