Seymour owns 3 acres of beautiful waterfront property on a large inland lake. In his will, Seymour donates the land to the state with the understanding that the land will be used as a state beach that anyone may use without paying any fees. This state beach
a. will tend to be overused because it is nonexcludable.
b. is a common resource when it becomes crowded on sunny summer weekends.
c. is rival in consumption when it becomes crowded on sunny summer weekends.
d. All of the above are correct.
d
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If real salaries decrease but nominal salaries do not, this means that
A) prices have risen. B) prices have fallen. C) prices have not changed. D) the purchasing power of money has increased.
Little Richie Lemons, a thirteen-year-old former lemonade stand owner, quit the business and now searches for an after-school job. Is he officially unemployed?
A) No, because he was never employed in the first place. B) No, because he is under 16 years old. C) Yes, because he is no longer self-employed. D) Yes, because he is looking for work.