If it is impossible or very costly to prevent someone from benefiting from a good even if the person does not pay for it, the good is
A) nonrival.
B) nonexcludable.
C) pure.
D) rival.
B
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The per-capita GNP of the industrial group is about ________ times that of the upper middle-income countries
A) 6 B) 10 C) 15 D) 19 E) 2
The Justice Department is most likely to oppose a proposed merger on the basis of the Herfindahl-Hirschman Index when the post-merger HHI is:
A) less than 100. B) less than 1000. C) between 1000 and 1800. D) greater than 1800.
The assumption that current-period labor supply is positively related to the current-period real wage is justified as long as the
A) income effect dominates the substitution effect in the short run. B) income effect dominates the substitution effect in the long run. C) substitution effect dominates the income effect in the short run. D) substitution effect dominates the income effect in the long run.
One of the most crucial ideas in macroeconomics is understanding that:
A. zero unemployment is the best way to achieve economic growth. B. measuring total expenditures or total income both equal total production of an economy. C. prolonging economic downturns can be prolonged by fiscal policy. D. GNP is the most commonly used measurement of total production.