The job of night watchman at the Punxsutawny Phil Groundhog museum is known to have a high wage. Which of the following would push the night watchman's wage higher?
a. The job does not require specialized skills.
b. The job is easy.
c. The job is incredibly dull.
d. The job has minimal risk of injury.
c
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Economists refer to a holdout as someone who refuses to produce a pure public good with private funds
Indicate whether the statement is true or false
Which of the following can be stated as potentially true about any economy?
a. Its future location on its production possibilities frontier has no bearing on its current decisions. b. Increased supplies of the factors of production will only affect its current location on its production possibilities frontier. c. Increased supplies of the factors of production will cause its future location to expand inward. d. Its current choice of positions on its production possibilities frontier helps determine its future location.