Public goods are basically
A. nonrival in consumption.
B. nondepletable in consumption.
C. rival in consumption.
D. depletable in consumption.
Answer: A
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If wages are "sticky downwards", then this means that during periods of high unemployment, wages will:
A. fall quickly. B. resist falling. C. resist rising. D. rise quickly.
Refer to Figure 2-8. What is the opportunity cost of one dozen roses?
A) 0.4 dozen orchids B) 2.5 dozen orchids C) 7.25 dozen orchids D) 16 dozen orchids
If a one percent change in the price of oil causes a 0.02 percent change in the quantity demanded of oil, then 0.02 is the
A. price elasticity of demand. B. price elasticity of supply. C. cross-price elasticity of demand. D. income elasticity of demand.
According to the law of supply:
A. more of a good is desired by consumers as the price falls. B. less of a good is desired by consumers as the price rises. C. more of a good will be offered by suppliers as the price rises. D. less of a good will be offered by suppliers as the price rises.