A public good is ________ and ________
A) rival; excludable
B) nonrival; excludable
C) rival; nonexcludable
D) nonrival; nonexcludable
D
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The problem of scarcity
A. applies to market-based economies. B. applies to centrally planned economies. C. applies only to the economies of less-developed countries. D. applies to all of these economies, not just one type.
An article on how prices in South Bend, Indiana rise during Notre Dame home football games noted: "For the Sept. 16 game against the University of Michigan, the South Bend Marriott is charging $649 a night for a double room
The Marriott's regular weekend price is $149 a night." Which of the following statements is true? A) The Marriott has adopted this pricing strategy to capitalize on arbitrage profits. B) There is no evidence of price discrimination; the Marriott is responding to increased demand for hotel rooms in the face of constant supply. C) The Marriott is practicing first-degree price discrimination by charging what the market will bear. D) This is evidence of third-degree price discrimination because hotel accommodation on a particular day is not a product that can be resold later.
Economic models like the AD-AS model tell us:
A. how to determine which economic variables are changing. B. what to expect if we know what is happening. C. exactly what is happening. D. nothing useful about the real world.
Benefits that accrue directly to the decision maker of a market exchange are called:
A. social benefits. B. network benefits. C. external benefits. D. private benefits.