Which of the following goods is rival in consumption and excludable?
a. a fireworks display
b. national defense
c. a box of sparklers
d. a parade
c
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Economic theory suggests that college graduates receive higher wages than those with only a high school education because
a. college graduates are more productive. b. college graduates must be paid higher wages because their educational costs were higher. c. college graduates have formed stronger unions. d. the supply of high school graduates is small relative to the demand for their labor.
Import-competing industries in the United States are likely to resist
A. Depreciation of the dollar. B. Devaluation of the dollar. C. Evaluation of the dollar. D. Appreciation of the dollar.
Based on the demand and marginal revenue curves for the monopolist, which formula is correct?
a. marginal revenue > price
b. marginal revenue < price
c. marginal revenue = price
d. marginal revenue – price = average revenue
Economists believe that an increase in equilibrium income can eliminate a cyclical deficit but cannot eliminate a structural deficit.
Answer the following statement true (T) or false (F)