The free-rider problem is
A. the incentive that people have to avoid paying for a public good.
B. that people cannot be forced to accept public goods.
C. the incentive that people have once they are receiving welfare to keep getting welfare.
D. the use of private goods in one state by residents of another state.
Answer: A
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When potential GDP increases,
A) there is a movement down along the AS curve. B) there is a movement up along the AS curve. C) there is neither a movement along nor a shift in the AS curve. D) the AS curve shifts leftward. E) the AS curve shifts rightward.
One implication of human capital theory is that college graduates should earn substantially less than high school graduates
a. True b. False Indicate whether the statement is true or false
An economic model is a realistic depiction of the operation of the economy.
Answer the following statement true (T) or false (F)
Assuming that bus travel is an inferior good, an increase in consumer income, other things being equal, will cause
a. an upward movement along the demand curve for bus travel. b. a downward movement along the demand curve for bus travel. c. a rightward shift in the demand curve for bus travel. d. a leftward shift in the demand curve for bus travel.