Resources tend to be allocated inefficiently when goods
a. are private goods.
b. are rival in consumption and excludable.
c. are available free of charge.
d. are available only at very high prices.
c
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Refer to the scenario above. What is the quantity effect of the price change?
A) $1,400 B) $2,700 C) $5,400 D) $6,750
A standard deck of playing cards has 52 cards with 13 cards in each of the four suits; hearts, diamonds, spades, and clubs. If a single card is drawn from a standard deck, what is the probability that the card will be a spade?
A) 0.75 B) 0.13 C) 0.25 D) 0.52
Which of these activities will most likely impose an external cost?
a. Betty plants flowers in her garden. b. Bonnie gets a flu vaccine. c. Bridget drives her car after having too much alcohol to drink. d. Becky buys a new flat screen television.
The slope of a straight line:
A. is constant. B. is negative. C. is zero. D. changes along the curve.