Both public goods and common resources are
a. rival in consumption.
b. nonrival in consumption.
c. excludable.
d. nonexcludable.
d
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The vertical axis in a graph
A) is named the y-axis. B) is named the x-axis. C) is not used in a scatter diagram. D) has no origin.
Assume the price elasticity of demand for a product is -4. In this case, the firm's optimal markup is (approximately):
A) 400 percent. B) 100 percent. C) 33 percent. D) 25 percent.
When deciding what to use as money, one characteristic to look for is the:
A. shape. B. stability of value. C. exchange value D. intrinsic value.
Federally provided agricultural subsidies in the United States have ________ with the passage of the 2002 Farm Security Act and the 2007 Food, Security, and Bioenergy Act
A) been abolished B) been maintained C) increased to the level of EU price supports D) been made a function of tax revenues