Public goods are those for which
A) individuals who do not pay can be excluded from consuming the good.
B) individuals who do not pay cannot be excluded from consuming the good.
C) external costs exist.
D) no external costs exist.
B
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Property rights that protect inventions are called
A) trademarks. B) copyrights. C) patents. D) exclusive franchises.
To keep the price at the level set by a price support, the government must
A) buy some of the good. B) sell some of the good. C) receive a subsidy from the producers. D) insure that imports are readily available. E) be careful to always set the price support below the equilibrium price.
Refer to Table 19-13. Real GDP for Vicuna for 2013 using 2015 as the base year equals
A) $4,620. B) $5,100. C) $5,650. D) $5,850.
The beauty of Nash's equilibrium concept is that
a. all games have one. b. all games have no more than one. c. all games have a rich set to choose from. d. it is a Pareto optimum.