Coal-fired steam locomotives become more efficient for railroads relative to oil-burning diesel locomotives as
A) the price of coal increases.
B) the price of oil increases.
C) coal-fired steam locomotives become larger.
D) railroad freight rates increase.
B
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Which of the following statements best describes economic efficiency?
a. Economic efficiency occurs when all choices on the production possibilities frontier show productive efficiency because an increase the quantity of one good will also increase the quantity of another. b. Economic efficiency occurs when no choices on the production possibilities frontier show productive efficiency because an increase the quantity of one good will also increase the quantity of another. c. Economic efficiency occurs when all choices on the production possibilities frontier show productive efficiency because an increase the quantity of one good will decrease the quantity of another. d. Economic efficiency occurs when no choices on the production possibilities frontier show productive efficiency because an increase the quantity of one good will decrease the quantity of another.
Which of the following is an example of the free-rider problem?
a. Both Zoe and Zach receive low-cost dental care at the local dental school, so neither of them pays the full cost of the care. b. Alfred receives a free lunch from the local "Meals on Wheels" program because of his low monthly income. Yet his next door neighbor, Alice, is not eligible for the free lunch. c. Bruce owns Buster, a large dog who barks whenever anyone walks near his house. Betty lives next to Bruce, and Buster's barking can be heard whenever anyone walks near her house, too. Thus, Betty receives free protection from burglars because of Buster's barking. d. Sam purchases a burger at a fast food restaurant and gets a second burger free because the restaurant is having a buy one, get one free sale.
Answer the following statement true (T) or false (F)
1) Positive statements are expressions of value judgments. 2) Macroeconomics explains the behavior of individual households and business firms; microeconomics is concerned with the behavior of aggregates or the economy as a whole. 3) Purposeful behavior implies that everyone will make identical choices. 4) Marginal analysis means that decision makers compare the extra benefits with the extra costs of a specific choice.
Depreciation of the dollar relative to foreign currencies will tend to increase net exports and aggregate demand.
Answer the following statement true (T) or false (F)