Which of the following goods is more likely to be excludable?
A) a chocolate bar
B) a concert at Times Square
C) national defense
D) ocean breeze
A
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Which of the following indifference curves is not possible given the consumer's budget line? 
A. U1 B. U2 C. U3 D. U4
Is there a first-mover advantage in the Bertrand duopoly model with homogenous products?
A) Yes, first-movers always hold the advantage over other firms. B) Yes, first-movers may have an advantage, but it depends on the model assumptions. C) No, first-movers cannot choose a profit maximizing quantity because the second-mover can always produce a bit less and earn higher profits. D) No, the second-mover would be able to set a slightly lower price and capture the full market share.
Consider two goods: gold jewelry and round-trip bus tickets to Urbana, Illinois. Which statement is most likely correct?
a. They are inferior goods. b. Their demand curves are quite similar. c. They are complementary goods. d. They are substitute goods. e. They are neither inferior, similar, substitutes, nor complements.
Suppose you have an option that gives you a lifetime income of $75,000 or a graduated income that begins at $30,000 and ends at $120,000 with the exact same present value. Which of the following would be true?
A. The second choice is generally preferred because the steadily improving income brings some pleasure. B. Based on purely rational choice assumptions you should prefer the first choice. C. There is no reason to believe either choice is preferred so you would be indifferent between the two options. D. The first choice is preferred because no one likes low income years.