A public good
a. possesses the characteristic of nonrivalry in consumption
b. is one whose benefits cannot be shared
c. is provided by the public sector
d. has nonexcludable benefits
e. both (a) and (d)
e. both (a) and (d)
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If tastes are homothetic in leisure and consumption, labor supply curves slope up.
Answer the following statement true (T) or false (F)
Suppose a consumer has the following rule of thumb: Regardless of how gasoline prices fluctuate, she will always buy $20 of gasoline per week and then adjust her driving patterns accordingly. We can then conclude the following:
A. Her own-price elasticity of demand is equal to -1. B. Her income-elasticity of demand is 0. C. Her own-price elasticity is 0. D. Her income elasticity of demand is -1. E. Both (a) and (b). F. Both (a) and (d). G. Both (c) and (d) H. None of the above.
Refer to Figure 24-4. Given the economy is at point A in year 1, what is the difference between the actual growth rate in GDP in year 2 and the potential growth rate in GDP in year 2?
A) 0.3% B) 1.1% C) 2.7% D) 3.7%
Fixed exchange rates allow countries to formulate their economic policies independently of other nations
a. True b. False Indicate whether the statement is true or false