If one person's consumption of a good does not preclude another's consumption, the good is said to be:
A. nonrival in consumption.
B. rival in consumption.
C. nonexcludable.
D. excludable.
Answer: A
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Which of the following transactions would count in GDP?
a. Kerry buys a new sweater to wear this winter. b. Patricia receives a Social Security check. c. Roberto gives his daughter $50 for her birthday. d. Latika sells $1,000 of Google stock. e. Karen buys a new car. f. Amy buys a used car.
Good governance is:
A. important to economic growth, but not to economic development. B. important to both economic growth and development. C. important to economic development, but not to economic growth. D. not important to either economic growth or development.
If the government increases its efforts to reduce illegal drugs which of the following would explain the possible unintended consequences—an increase in drug-related crimes.
a. More people will commit crimes as a result of the increased drug use b. Tough drug enforcement policies reduce the demand for illegal drugs. c. Drug addicts will have an even greater need for quick cash to support their habits. d. In the short run, both equilibrium quantities and prices will fall in the markets for illegal drugs.
Technology spillovers: a. Are caused by patents
b. Can lead to clustering of technology firms near one another. c. Are examples of negative externalities. d. All of the above are true.