Recall the scenario from the text: The city of Logan Square needs $40 million for a network of streetlights. There are 20,000 residents in the Logan Square neighborhood, meaning the cost for each resident is $2,000 . Psychiatrist Denise Miller refuses to donate $2,000 towards the project. This is an example of the problems encountered with
a. consumer goods
b. capital goods
c. rival goods
d. public goods
e. private goods
D
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If the best lawyer in town is also the best at operating a word processor, then according to economic reasoning, this person should
A) split her time evenly between being a lawyer and a word processor. B) specialize in being a word processor because it is more capital-intensive. C) specialize in being a lawyer because its opportunity cost is lower. D) should pursue the activity she enjoys more.
Refer to Table 9-8
a. Which person has an absolute advantage in the production of bows? arrows? b. Which person has a comparative advantage in the production of bows? c. Which person has a comparative advantage in the production of arrows?
The U.S. government deficit as a percentage of GDP was much larger during World War II than it was in the 1980s and 1990s
a. True b. False Indicate whether the statement is true or false
An increase in market demand will cause an increase in industry output in the long run because
a. new firms enter the industry. b. new firms enter the industry and all firms increase their output. c. all firms decrease their output but more new firms enter. d. no firms enter but the existing firms increase their output.