A good or service that is both rival and excludable is a:
A. public good.
B. commons good.
C. collective good.
D. private good.
Answer: D
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If the demand curve is a vertical line, then
a. demand is perfectly elastic b. demand is perfectly inelastic c. demand is unit elastic d. demand is determined by supply e. supply is a horizontal line
In a market economy,
a. resources are distributed equally across the all possible uses. b. resources move to higher valued uses in response to changes in price. c. resource usage is independent of the price. d. most resources are distributed by the government. e. all of the above.
When we discuss the consumption function, we are saying that consumption is a function of or a variable of ______________.
Fill in the blank(s) with the appropriate word(s).
Refer to the information provided in Figure 9.1 below to answer the question(s) that follow. 
Figure 9.1Refer to Figure 9.1. This farmer's fixed costs are
A. $0. B. $24. C. $45. D. indeterminate unless we know the level of output the firm is producing.