Which of the following goods is both nonrival and nonexcludable?
a. A tuna in the ocean
b. The light from a lighthouse at a harbor entrance
c. A soccer match in a stadium
d. A hot dog at a hot dog stand
Ans: b. The light from a lighthouse at a harbor entrance
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The difference between the amount of capital at the beginning of a year and the amount of capital at the end of the year is equal to
A) financial consumption. B) gross investment. C) depreciation. D) capital consumption. E) net investment.
In the AD-AS framework, long-run equilibrium implies that ________
A) quantity demanded equals quantity supplied at a moderate level of equilibrium inflation B) quantity demanded equals quantity supplied at a point consistent with the short-run equilibrium level of inflation C) quantity demanded equals quantity supplied at a point consistent with the natural rate of unemployment D) all of the above E) none of the above
Analysis of the Great Depression indicates that
a. even though monetary and fiscal policies were highly expansionary, they were unable to offset the economic plunge. b. even though monetary policy was expansionary, restrictive fiscal policy dominated during the 1930s. c. a reduction in tax rates could not prevent the economic downturn from spiraling into a depression. d. the severity of the economic decline, if not its onset, was the result of perverse monetary, fiscal and regulatory policies.
The figure above shows the market for coffee. If more coffee plantations are planted in Brazil and Vietnam so that the supply of coffee increases, the efficient quantity of coffee will ________ and the consumer surplus will ________
A) increase; increase B) increase; decrease C) decrease; decrease D) decrease; increase