A demand curve which has unit elasticity is
A. horizontal.
B. linear.
C. vertical.
D. concave from above.
Answer: D
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A competitive market is characterized by
a. the absence of entry barriers b. many buyers with a single seller c. imperfect information d. a differentiated product
If the government does not provide a public good, what other ways are used to pay for a public good?
a. Taxing nonusers to provide for the public goods b. Social pressure to encourage free riding of the good c. Social pressure to discourage free riding of the good d. Putting a price that users must pay for the good
According to economists, one of the signs of an unhealthy economy is a(n)
a. rising labor productivity. b. increasing real GDP. c. declining real GDP. d. declining unemployment.
The Safe Drinking Water Act Amendments of 1996
a. govern U.S. water quality today b. established the Drinking Water State Revolving Fund (DWSRF) c. call for setting drinking water standards that are solely benefit based d. all of the above e. (a) and (b) only