What does it mean when a good is rival in consumption?
a) One person's use of the good diminishes another person's ability to use it.
b) People can be prevented from using the good.
c) No more than one person can use the good at a time.
d) Everyone will be excluded from obtaining the good.
Ans: a) One person's use of the good diminishes another person's ability to use it.
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Which of the following statements is true?
A) Arguments based on anecdotes are always true. B) In the scientific method, anecdotes are more important than data. C) Arguments by example are appropriate when contradicting a blanket statement. D) It is easier for a researcher to jump to a wrong conclusion when she uses a large data set.
New technology that increases labor productivity will
a. lower the wage rate b. decrease the demand for labor because fewer workers are needed c. decrease the supply of labor because fewer workers are needed d. increase the demand for labor because the MPP curve shifts to the right e. decrease the demand for labor because the MPP curve shifts to the left
If Jane can produce 3 pairs of shoes per hour, while Bob can produce 2, then ________ has a(n) ________ advantage in producing shoes.
A. Bob; absolute B. Jane; absolute C. Bob; comparative D. Jane; comparative
The law of ______ states that the higher (lower) the price of the good, the greater (smaller) the quantity provided, ceteris paribus.
a. equilibrium b. demand c. supply d. surplus