If you ________ prevent at a low cost another person from enjoying the benefits of a good that you produced, the good is nonexcludable. This is a characteristic of a ________ good.
A. can; public
B. cannot; public
C. can; private
D. cannot; private
Answer: B
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Which of the following is NOT directly included in Canadian GDP?
A) bus tickets sold to tourists for a tour bus ride in Montreal B) the purchase of tickets to a Kanye West concert in Montreal C) the sale of tickets to the Vancouver Olympics to U.S. citizens D) gasoline purchased by a tour bus operator in Quebec E) All of the items would be included in Canadian GDP.
A bowed out production possibility frontier shows that the
A) opportunity cost of a good is constant as more of the good is produced. B) opportunity cost of a good decreases as more of the good is produced. C) opportunity cost of a good increases as more of the good is produced. D) opportunity cost relationship is linear. E) opportunity cost of producing another good is negative.
Explicit price- and quantity-fixing agreements are a form of tacit collusion.
Answer the following statement true (T) or false (F)
You spend $20 on a lottery ticket instead of buying groceries. The $20 spent on the lottery ticket represents an ________ and the forgone groceries represent an ________
A) explicit cost; explicit cost B) implicit cost; explicit cost C) explicit cost; implicit cost D) implicit cost; implicit cost