A government-inhibited good is a good which
A. can be consumed by one individual without affecting the consumption of another individual.
B. the political process has deemed socially undesirable.
C. is not subject to the principle of mutual exclusivity.
D. the political process has deemed socially desirable.
Answer: B
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What is the relationship between the bowed out shape of the production possibilities frontier and the increasing opportunity cost of a good as more of it is produced?
What will be an ideal response?
If nominal GDP increases, which of the following will always take place?
A) Output will have increased but prices will have fallen or remained the same. B) Prices will have increased but output will have fallen or remained the same. C) Both output and prices will have increased. D) none of the above
Which of the following is a characteristic of the core?
a. The core is the set of all allocations that cannot be blocked. b. The core is the set of all allocations where the value realized by the members of the coalition are same as what they can realize individually form the core. c. Cores are broken when one or more participants withdraw from the coalition. d. Any allocation that makes even one of the parties to the transaction better off is in the core.
In 1971, a bank worker could process 265 checks in 1 hour. Currently, computers with built-in reader-sorter processing capacity have pushed that number above 100,000 checks per hour. Economists describe this type of activity as
A. the exploitation of labor. B. an increase in labor productivity. C. the displacement of labor. D. the effects of comparative advantage. E. the mutual gains received through voluntary trade.