Which of the following is an example of resources that are substitutes?
a. steel and glass used in auto manufacturing
b. glue and wood used in furniture manufacturing
c. buttons and cotton used in shirt manufacturing
d. leather and rubber used in basketball manufacturing
e. eggs and flour used in baking
D
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Consumer equilibrium occurs at:
a. any point of intersection between the budget line and an indifference curve. b. a point of tangency between the budget line and an indifference curve. c. the point where the slope of the indifference curve equals the ratio of the quantities. d. a point where the budget line cuts the curve from below.
If a good is nonexcludable,
a. the providing it is Pareto optimal b. people have an incentive to become free riders on that good c. then it is probably also nonrival d. then it is a pure public good e. then it is a pure private good
Which of the following influences bond ratings?
a. the strength, breadth, and reliability of the tax base b. the historical performance of the revenue stream c. the risk associated with the project d. the underlying economic strength of the stadium or arena or the community e. all of these
Which of the following is a positive economic statement?
a. Too much government spending is the biggest problem facing the U.S. economy. b. Creating jobs is the most serious problem facing the U.S. economy. c. Raising taxes provides additional revenue that should be used to finance health care. d. If taxes are over 50 percent of national income, job creation falls.