Which of the following exemplifies the tragedy of the commons?
A) Residents of the southern coast of Alaska receive only one public broadcasting signal which may be eliminated altogether if government funding is cut.
B) The Lakeview Estates community is growing so fast that the city's only fire station is not able to keep pace with the population growth in the community.
C) British citizens receive free universal health care administered by the government.
D) The Tibetan Antelope, distinguished for its fur which is commonly used as a light wool, is a target for poachers.
D
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Suppose that the production function for the economy is: Y = AK1/4L3/4. Assume that A = 1,000, the capital stock is $32,000 billion, and the labor force is 120 million (or 0.120 billion) workers. The value of the marginal product of labor is
A) $14,290.17. B) $17,043.29. C) $20,451.95. D) $22,724.33.
Which of the following is true of entrepreneurs? They
A) Generally work fewer hours per week than wage and salary employees. B) All of the above. C) Are adept at discovering profitable opportunities that are often overlooked by others. D) Have low saving rates and excessive debt.
Refer to the graph shown. A consumer would be expected to change consumption from point A to point B in response to a(n):
A. decrease in the price of soda. B. increase in the price of chocolate bars. C. increase in the price of soda. D. increase in income.
If a consumer's purchases of a product increase as income increases, this good is classified as a(n):
A. normal good. B. inferior good. C. substitute good. D. complementary good.