Which of the following is an example of a pure private good?
A) a lighthouse
B) burritos
C) a high school football game
D) redwood forests
B
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A competitive firm will shut down its operations in the short run when the market price falls below its
a. marginal revenue. b. marginal cost. c. average cost. d. average variable cost.
If the fiscal year begins without a budget and Congress fails to pass continuing resolution, then:
A. the president has the right to raise the debt ceiling. B. federal agencies operate on the basis of the previous year's budget. C. the interest rate paid on the national debt automatically increases. D. the federal government shuts down.
When a currency depreciates relative to other currencies as a result of government action,
A. it has appreciated. B. it has been devalued. C. it has been debased. D. it has become worthless.
In the goods market equilibrium condition for a closed economy, the total demand for goods equals
A. Cd + G - Id. B. Cd + Id. C. Cd + Id - G. D. Cd + Id + G.