Which of the following is NOT a pure public good?
A. Telephones
B. Clean air
C. National defense
D. All of the statements associated with this question are pure public goods.
Answer: A
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All else held constant, if farmers receive a subsidy for their corn, then this would cause a
A. movement up along the current supply curve of corn. B. movement down along the current supply curve of corn. C. rightward shift in the current supply of corn. D. leftward shift in the current supply of corn.
Net exports of goods and services are defined as the
A) value of the goods we sell to foreigners. B) income we receive from selling goods to foreigners. C) value of exports minus the value of imports. D) value of exports minus the income we receive from foreigners. E) value of exports plus the income we receive from foreigners.
Around Easter time, the price of eggs rises. Some consumers complain about this and claim stores are 'price gouging.' Are there any positive functions played by the higher price of eggs around Easter? What would happen if the price of eggs were not permitted to rise by law?
A country has had its per capital real GDP remain constant for several years. During this period this country
A. may have experienced economic growth if the average hours worked per week have fallen. B. will have an increase in the number of poor people. C. will have experienced an inward shift of the production possibilities curve. D. has not experienced any economic growth.