In England during the Middle Ages each village had an area of pasture on which any family in the village was allowed to graze its cows and sheep without charge
Eventually, the grass in the pasture would be depleted and no family's cow or sheep would get enough to eat. The reason the grass was depleted was
A) it did not get enough rainfall.
B) the area of pasture was nonexcludable and the consumption of the grass was rival.
C) self-interest motives led livestock owners to raise too many cows and sheep.
D) due to a policy of neglect on the part of the English government.
B
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The natural rate of unemployment is comprised of
A) frictional and cyclical unemployment. B) frictional and structural unemployment. C) cyclical and structural unemployment. D) frictional, cyclical, and structural unemployment.
Which of the following would be likely to raise your opportunity cost of attending a big basketball game this Sunday night? a. A friend calls you up and offers you free tickets to a concert by one of your favorite bands on Sunday night. b. Your employer offered you double your usual wage to work this Sunday night
c. Late Friday afternoon, your physics professor makes a surprise announcement that there will be a major exam on Monday morning. d. All of the above would likely raise the opportunity cost of attending the game.