A good which is nonexcludable and nonrival is called:
a. a public good.
b. a marketable good.
c. a private good.
d. a consumer good.
A
You might also like to view...
The Laffer curve represents the relationship between real GDP and various possible tax rates
a. True b. False Indicate whether the statement is true or false
Economic efficiency requires that
a. individuals produce at their maximum level. b. only long-lasting, high-quality products be produced without regard to cost. c. income be distributed equally among consumers. d. all economic activity generating more benefits than costs be undertaken.
Real and nominal variables are highly intertwined, and changes in the money supply change real GDP. Most economists would agree that this statement accurately describes
a. both the short run and the long run. b. the short run, but not the long run. c. the long run, but not the short run. d. neither the long run nor the short run.
Refer to Figure 5-4. Suppose the point labeled B is the “halfway point” on the demand curve and it corresponds to a price of $5.00. Then, between prices of $4.99 and $5.01, the price elasticity of demand is
a. less than 1 but greater than zero. b. equal to 1. c. greater than 1. d. equal to zero. e. equal to infinity.