If the demand for computer software rises as incomes rise, then computer software is a (an)
A) inferior good
B) substitute (good) for computers
C) normal good
D) complement (good) for computers
E) c and d
C
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Which of the following represents a collective action problem?
A) The battery in Billy's pickup truck has died so he must leave his house 90 minutes earlier than usual to take public transportation to work. B) Sonia cuts down a diseased oak tree in her back yard, eliminating the shade that blocked the afternoon sun from shining through her living room windows. C) Miss Lander's third grade class has to cut short their field trip to Insect World because someone in Mr. Rutherford's fourth grade class accidentally opened the safety door in the bumblebee exhibit. D) Most of the audience cannot hear the dialog at a midnight showing of The Room because the film's most ardent fans insist on shouting with the dialog throughout the entire screening.
Refer to Figure 8.2. As the competitive industry, not just the firm in question, moves toward long-run equilibrium, what will the price be?
A) $60 B) $64 C) $70 D) $71 E) $80
Imagine that Wingate National is a new bank, and that the legal reserve requirement is 10 percent. If it accepts a $1,000 deposit, then the maximum value of the loans it makes is
a. $0 b. $90 c. $100 d. $900 e. $910
Which of the following is not an example of a barrier to entry?
a. Mighty Mitch's Mining Company owns a unique plot of land in Tanzania, under which lies the only large deposit of Tanzanite in the world. b. A chemist receives a patent for a new skin cream. c. An entrepreneur opens a cupcake bakery. d. A taxi cab driver in New York City obtains a license to legally provide transportation in New York City.