Even when one person uses a public good, such as national defense, others can also use it. Which term refers to this characteristic of a public good?
a. Nonrivalrous
b. Free ridership
c. Nonexcludable
d. Positive externality
a. Nonrivalrous
Nonrivalrous means that even when one person uses a public good, such as national defense, others can also use it.
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Which of the following is true about the U.S. trade with Ireland post-1990?
a. The U.S. became a net exporter of software to Ireland. b. Output of potato per acre doubled with the introduction of new techniques, making the U.S. a net exporter of potatoes to Ireland. c. The U.S. production set shifted inward and Ireland gained advantage in the production of both software and potatoes. d. Productivity growth in the U.S. software industry was higher despite the cost-shifting innovations witnessed Ireland.
As the time to respond to a change in market conditions increases, the odds of demand being elastic: a. Increase
b. Decrease. c. Stay the same. d. Cannot be determined.
Don is convinced that it would be best if the U.S. was on a gold standard. He enthusiastically reads any editorials or articles that confirm his view. He frequently dismisses editorials and articles that argue against the gold standard because he
presumes they are flawed or written by "crackpots.". Don's behavior most clearly illustrates which of the following systematic mistakes that people make? a. people are overconfident b. people give too much weight to a small number of vivid observations c. people are reluctant to change their minds d. All of the above are correct.
If an observed correlation is unlikely to be due to sampling error it has ______.
A) statistical significance B) practical significance C) reliability D) validity