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The free rider problem occurs because: a. consumption is rivalrous, so the consumption of a product by one individual diminishes the amount available for others. b. individuals are not required to pay for those goods which do not yield any utility to them. c. it is easy to exclude others from consuming a good. d. external costs are imposed on others not directly involved in the transaction. e. exclusion is costly or impossible, so a consumer or producer can use a good without having to pay for it.
For each values for the MPC, determine the size of the simple spending multiplier and the total change in real GDP demanded following a $10 billion decrease.
Suppose that the government is debating whether to spend $100 billion today to address climate change.
Katherine Lim purchased a condominium for $50, 000 in 1987. Her down payment was $20, 000. She financed the remaining amount as a $30, 000, 30-year mortgage at 7%, compounded monthly. Her monthly payments are $200. It is now 2007 (20 years later) and..
Movie attendance dropped 8 percent as tickets prices rose a little more than 5 percent. What is the price elasticity of demand for movie tickets? Could price elasticity be somewhat overestimated from these figures? That is, could other things have ch..
If your TVOM is 15 percent and your friend’s is 20 percent, can the two of you work out mutually satisfactory terms for a 1-year $3,000 loan? Assume the lender has the money available and neither person wants to go outside their acceptable TVOM range..
What are the four dimensions of culture studied by Geert Hofstede? Identify and describe each. What is the cultural profile of the United States? Of Asian countries? Of Latin American Countries?
Explain what a market is by giving a definition of the term “market” in expressions like “the market for wheat,” “the U.S. market for anaesthesiologists,” and “the market for the common stock of company X.
q1. suppose that businesses buy a total of 100 billion of the four resources labor land capital and entrepreneurial
Discuss the policy tool(s) the Federal Reserve has been using in the last year or two. What benefits does this tool have? Is it effective in supporting the money supply? If not, what can be done differently?
Mary is in equilibrium. The MUa =6, MUb =12, Pa=2, what is the price of b? Zach is in equilibrium. The MUa=2, MUb=8, what is the price of a in terms of the price of b? What is the utility maximizing or optimization condition?
Your firm is one of 100 identical firms operating in the short run in a perfectly competitive market. Your total cost function (short run and long run) is C = 800 + 25 q + 0.5 q2, and your marginal cost function is MC = 25 + q. The (short run and lon..
Steve and Sons Solar Panels has a production function represented by Q=4KL, where the MP=4K and the MP=4L. The current wage rate(W) is $8 per hour, and the rental rate on capital is $10 per hour. In the short run, the plant's capital stock is fixed a..
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