A public good:
a. is rivalrous in consumption and excludable
b. in nonrivalrous in consumption and nonexcludable
c. must be produces by government
d. both b. and c.
Ans: d. both b. and c.
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The process of focusing on only the most important factors to explain a phenomenon is called
A. abstraction. B. marginal analysis. C. rational choice. D. controlled experimentation. E. the trade-off between efficiency and equality.
Suppose a monopolist faces the demand curve shown below. 
If you were to draw the monopolist's marginal revenue curve, it would:
A. intersect the horizontal axis at 35. B. intersect the vertical axis at $35. C. lie on top of the demand curve. D. have a slope equal to the reciprocal of the slope of the demand curve.
Tests of the Heckscher-Ohlin model by Bowen, Leamer, and Sveikauskas and by Maskus continue to
A) provide strong support for the theory. B) provide weak support for the theory. C) provide evidence against the theory.
The cash you have in your wallet would be counted in which measure of money?
A. Hard money B. M1 C. M2 D. It would be counted in all of these