The Tragedy of the Commons results when a good is ()
A. rival and not excludable.
B. excludable and not rival.
C. both rival and excludable.
D. neither rival nor excludable.
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Efficiency means that ()
A. society is conserving resources in order to save them for the future.
B. society’s goods and services are distributed fairly among society’s members.
C. society has lessened its dependence on foreign energy sources.
D. society is getting the most it can from its scarce resources.
Which of the following is the best example of a marginal change? ()
A. The price of housing rose in Seattle by 5% in last year.
B. Kim gets a big promotion at work. She also gets a raise from $25,000 per year to $40,000 per year.
C. Mark graduates from college and takes a job. His income increases from $10,000 per year to $50,000 per year.
D. A drought hits the upper Midwest and the price of wheat increases from $4.00 per bushel to $8.00 per bushel.
Warrensburg is a small college town in Missouri. At the end of August each year when a new term begins, the market demand for fast food in Warrensburg ()
A. shifts right.
B. shifts left.
C. remains constant, but moves down the curve.
D. remains constant, but moves up the curve.
An early frost in the vineyards of Napa Valley would cause ()
A. an increase in the demand for wine, increasing price.
B. an increase in the supply of wine, decreasing price.
C. a decrease in the demand for wine, decreasing price.
D. a decrease in the supply of wine, increasing price.
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