Everyone agrees that the government needs to provide us with more merit goods
Indicate whether the statement is true or false
F
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For a perfectly competitive firm, marginal revenue product is equal to:
a. price minus marginal cost. b. price times marginal revenue. c. price times marginal product. d. none of these.
If households save $40 billion less at each level of income and the marginal propensity to consume (MPC) is 0.8, the aggregate expenditure line will _____
a. intersect the 45-degree line at a real GDP of $40 billion b. shift upward by $40 billion c. shift downward by $40 billion d. shift upward by $200 billion because of the multiplier mechanism e. shift downward by $200 billion because of the multiplier mechanism
Many nations are consistently accused of enjoying the benefits of membership in the United Nations, yet they provide few or no funds to support the organization. This is an example of
A) the principle of rival consumption. B) the free-rider problem. C) the negative externality problem. D) the property rights problem.
A person buying a used car could ask the seller for permission to take the car to a mechanic for an inspection. If the seller says no, the prospective buyer has gained information about the car. This process is known as:
A. screening. B. internalizing the externality. C. licensing. D. signaling.