Which of the following decisions are complicated by the value of money changing over time?
A. Buying a $100 concert ticket
B. Buying a $100 blender
C. Buying a $100 sweater
D. Buying a $100 stock
Answer: D
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The marginal revenue curve for a single-price monopoly
A) is horizontal. B) is upward sloping. C) lies above the market demand curve. D) lies below the market demand curve.
Which of the following is true about per capita income?
A) it is an approximate measure of how rich or poor a country is B) it is the same as income per worker only if everyone in the economy is assumed to work C) it is the product of TFP and capital per worker only if everyone in the economy is assumed to work D) all of the above E) none of the above
The FAIR Act of 1996:
a. was invented to provide a transition period for farmers to move from government-subsidized farming to free market farming b. succeeded in removing the government from farm markets c. both of the above d. neither of the above
With defined property rights, an externality
A) can only be corrected with government intervention. B) will not lead to a misallocation of resources. C) may be internalized with voluntary contracting, under certain circumstances. D) must lead to society producing inside its production possibilities frontier.