Public libraries, art galleries, and the National Institutes of Health are examples of
a. merit goods
b. public goods
c. social goods
d. private goods
e. exclusive goods
A
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Economists and others use economic theory
a. only to analyze situations in which money changes hands. b. as a partial basis for public policy recommendations. c. to confuse their enemies. d. to replace value judgments about important policy issues.
Figure 7-12
Which of the graphs in Figure 7-12 shows a marginal physical product curve that exhibits first increasing, and then diminishing, marginal returns to sunlight?
a.
(a)
b.
(b)
c.
(c)
d.
(d)
If the music industry was perfectly competitive, then all performers would
A. produce a non-standardized product. B. charge the same price for concerts, but not necessarily play the same music. C. play the same music, but not necessarily charge the same price for concerts. D. play the same music and charge the same price for concerts.
Demand is determined by how much suppliers are willing and able to produce.
Answer the following statement true (T) or false (F)