James is responsible for the upkeep of the neighborhood garden. To keep the garden well-maintained, he allows only the senior citizens of the neighborhood into the garden for early morning walks and exercise. The garden is an example of a(n) ____
a. merit good
b. club good
c. public good
d. inferior good
b
You might also like to view...
A Keynesian econometric model is likely to emphasize that monetary policy affects economic activity through changes in
A) the money supply. B) reserve requirements. C) interest rates. D) currency holding by the public.
When exchange rates are fixed, a temporary expansion in the money supply will:
A) increase output. B) leave output unchanged. C) lower output. D) increase the exchange rate.
Refer to Table 4-1. The table above lists the highest prices three consumers, Tom, Dick, and Harriet, are willing to pay for a short-sleeved polo shirt. If the price of the shirts falls from $28 to $20
A) Harriet will receive more consumer surplus than Tom or Dick. B) Tom will buy two shirts; Dick and Harriet will each buy one shirt. C) consumer surplus increases from $14 to $35. D) consumer surplus will increase from $70 to $95.
The above figure shows the reaction functions for two pizza shops in a small isolated town. The Cournot equilibrium is at point
A) a. B) b. C) c. D) d.