Goods that are neither rival in consumption nor excludable are:
A. a public good.
B. an artificially scarce good.
C. a common resource.
D. a private good.
Answer: A
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The area ________ the market supply curve and ________ the market price is equal to the total amount of producer surplus in a market
A) below; below B) below; above C) above; below D) above; above
Assuming that the GDP breakdown shown in Table 2.1 is typical of a given year in the U.S. we can say that ________
A) we spend twice as much on goods consumption as we do on services B) consumption of durable goods is twice that of nondurables C) government purchases is the largest main component of GDP D) all of the above E) none of the above
The sentiment for increased deregulation in the late 1970's and early 1980's has been felt most significantly in the price regulation of
a. coal b. grain c. transportation d. automobiles e. electric power generation
In the United States, there are a number of programs that provide goods and services, such as food, medical care, and housing, to the poor. How could income standards be changed, in light of these programs, to better reflect absolute poverty? a. The income standards should not change because these programs provide goods and services, not money. b. The income standards should be increased, since
it costs money to provide these goods and services. c. The income standards should be increased, because these programs will affect the relative measure of poverty. d. The income standards should be decreased, since program recipients require less income to meet a minimum standard of living.