If it is impossible to prevent someone from benefiting from a good regardless of whether or not the person paid for it, then the good is
A) nonrival.
B) rival.
C) nonexcludable.
D) excludable.
C
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"Trade is generally harmful if there are large disparities between countries in wages."
A) This is generally true. B) This is generally false. C) Trade theory has nothing to say about this issue. D) This is true if the trade partner ignores child labor laws. E) This is true if the trade partner uses prison labor.
Suppose the development of the European Union leads to greater investment in Europe. You'd expect
A) a recession in Europe. B) a decline in the world real interest rate. C) a rise in the current account in Europe. D) an increase in the world real interest rate.
Individual investors can reduce transactions costs by
A) buying common stock rather than bonds. B) combining their purchases through an intermediary. C) common stocks directly, rather than through a mutual fund. D) making loans directly, rather than depositing funds in a bank.
Under socialism, which of the following industries would probably be owned by the government?
a. Steel. b. Electricity. c. Agriculture. d. All of these.