A public good is ________ and ________.
A) excludable; nonrival
B) nonexcludable; rival
C) excludable; rival
D) nonexcludable; nonrival
D) nonexcludable; nonrival
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Suppose you withdraw $500 from your checking account deposit and bury it in a jar in your back yard. If the required reserve ratio is 10 percent, checking account deposits in the banking system as a whole could drop up to a maximum of
A) $0. B) $50. C) $500. D) $5,000.
While demand shifts have an effect on equilibrium price and quantity, supply shifts have no such effect
a. True b. False Indicate whether the statement is true or false
Which of the following statements is FALSE?
A) Economists empirically test their models. B) Economic models are not used to make predictions. C) An economic model should capture only the key relationships that are sufficient to analyze the particular problem being studied. D) Economic models relate to behavior rather than to individual thought processes.
Which of the following must a firm in a market economy do today to succeed?
A) Produce the goods and services that consumers want at a lower cost than consumers themselves can produce. B) Organize the factors of production into a functioning, efficient unit. C) Have access to sufficient funds. D) Market firms today must do all of these things.