Excludable goods are those goods that a person can be prevented from consuming
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose the country of Quasiland experienced a decrease in real GDP and people were laid off from their jobs. The people would be considered part of
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) discouraged workers.
Lectures in microeconomics can be delivered either by an instructor (labor) or a movie (capital) or any combination of both. Yet the it gets harder and harder to substitute more movies for an instructor the more movies are already used
Which graph in the above figure best represents the isoquants for lectures in microeconomics when Capital per day is on the vertical axis and Labor per day is on the horizontal axis? A) Graph A B) Graph B C) Graph C D) Graph D
An assumption that makes an economic model simpler without affecting its conclusions in important ways is
a. an indication of a positive assumption b. an efficient assumption c. useful in disguising the valid conclusions d. a simplifying assumption e. a critical assumption
Hamid spends an hour studying instead of watching TV with his friends. The opportunity cost to him of studying is
a. the improvement in his grades from studying for the hour. b. the improvement in his grades from studying minus the enjoyment of watching TV. c. the enjoyment he would have received if he had watched TV with his friends. d. zero. Since Hamid chose to study rather than to watch TV, the value of studying must have been greater to him than the value of watching TV.