As an additional consumer obtains the benefits of a public good such as national defense, the benefits to existing consumers:
a. decline

If, in 2000, $1 = 1.5 euros, and in 2007, $1 = 0.9 euros, which of the following statements would be TRUE?

a. More American tourists will find it cheaper to travel to Europe. b. More Europeans will stay home as visits to the United States become more expensive. c. Europeans will import fewer products from the United States. d. Americans will import fewer products from Europe.

Which of the following will tend to lower the ability of a union to increase the wages of its members?

a. strong competition from nonunion labor b. threat of a strike c. increased demand for union labor d. all of the above