Which of the following types of goods are rival in consumption?
a. private goods and club goods
b. private goods and common resources
c. public goods and club goods
d. public goods and common resources
b
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As an economic concept, scarcity applies to
A) both money and time. B) money but not time. C) time but not money. D) neither time nor money.
If once vaccinated, a person cannot catch a cold or give a cold to someone else, the marginal social benefit resulting from consumption of the vaccine:
A. equals the marginal social cost of producing the vaccine in a competitive equilibrium. B. equals the marginal benefit received by consumers of the vaccine in a competitive equilibrium. C. exceeds the marginal benefit received by consumers of the vaccine. D. is less than the marginal benefit received by consumers of the vaccine.
If the supply of money increases, what happens in the IS-LM framework?
A) The IS curve shifts right. B) The LM curve shifts right. C) The IS curve shifts left. D) The LM curve shifts left.
If the production possibilities curve is a straight line, then:
A. The opportunity cost of producing one good is zero B. The law of increasing opportunity costs does not apply C. The society can produce more of both goods simultaneously D. The society is capable of producing only one of the goods and not the other