When consumption is rival and excludable, the product is a
A) public good.
B) private good.
C) mixed good.
D) service, not a good.
B
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If Alex deposits $1,000 from her paycheck into her checking account and, at the same time, increases her credit card balance by $1,500, then her saving is ________, and her wealth ________.
A. +$1,000; decreases by $500 B. -$500; decreases by $500 C. -$500; increases by $2,500 D. +$500; decreases by $1,000
Explain why international trade is less important to the United States than it is to many other countries
What will be an ideal response?
Using productive resources to make capital goods requires that we
A) get everyone to agree on the best use of those resources. B) get government approval of our plan to make capital goods. C) forgo some level of current consumption. D) prove that the existence of the capital goods will not cause any environmental damage.
Paul the Pizza Man used a new method to streamline pizza assembly that allowed him to make more pizzas and thus make greater revenue. Paul began to earn positive economic profits. In the long run, Paul will
a. continue to earn economic profits b. earn zero economic profits because other pizza places will begin to use his system c. continue to earn economic profits because Paul will get a patent on his new method d. earn negative economic profits because innovators always loose money e. earn zero economic profits because the government does not allow monopolistically competitive firms to earn economic profits