A museum is NOT a public good if
A) there can be no congestion.
B) the museum receives donations from members of the public.
C) an entry fee is charged and people are denied entry if they do not pay.
D) the general public typically does not go to the museum.
C
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Only individuals choose, which means
A) only individuals exist. B) collectives do not exist. C) only individuals can assess the expected costs and benefits of an action. D) all of the above.
An economy has two workers, Paula and Ricardo. Every day they work, Paula can produce 4 computers or 16 shirts, and Ricardo can produce 6 computers or 12 shirts. What is the opportunity cost for Paula to produce one shirt?
A. 4 computers B. ¼ computer C. ½ computer D. 2 computers
After the imposition of the quota, the numbers of TVs imported will drop by ________ units.
A. 100,000 B. 40,000 C. 20,000 D. 80,000