Using a common resource:
A. creates a positive externality for others.
B. maximizes total surplus.
C. imposes a negative externality on others.
D. is an irrational decision.
Answer: C
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The following graph depicts demand.
The slope of the demand curve (ignoring the negative sign) is:
A. 1. B. 2. C. 0.5. D. 1.5.
Describe how the risk premium for a person with a convex utility function is determined
What will be an ideal response?
According to the more-is-better principle:
A. a consumer will always select the bundle that is ranked highest among all alternative bundles. B. a consumer will prefer a bundle that has the largest amount of the good they prefer most. C. consumers always try to achieve the highest possible level of well-being. D. when comparing consumption bundles, a consumer prefers a bundle that has more of every good.
Which of the following is partially responsible for the male-female wage gap in the United States?
A. Women have, on average, less education than their male counterparts. B. Women have, on average, less work experience than their male counterparts. C. Women have been denied access to many occupations, leading to increased supply in a few occupations. D. All of these are correct.