An example of a good that is nonrival and nonexclusive is:
a. television signals.
b. haircuts.
c. pizza.
d. national defense.
d
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According to the graph shown, if the economy is in autarky and decides to open trade with a tariff, the impact on domestic supply is they will:
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
A. increase output from 250 to 500.
B. decrease output from 815 to 500.
C. increase output from 500 to 815.
D. decrease output from 1500 to 1150.
The hydrologic cycle illustrates the
a. natural process that links all water resources together b. natural movement of water from the ocean to wetlands c. link between point and nonpoint sources d. none of the above
When carmakers began to cut the costs of producing cars by designing the chassis, engines, and transmissions so that different models could be produced on the same assembly line, production costs fell $240 per car. This idea best illustrates:
A. diminishing marginal product. B. diseconomies of scale. C. economies of scale. D. constant returns to scale.
Federal income tax law excludes gain realized on the sale of a primary residence for individuals filing separately and for couples filing jointly. The amount of this exclusion is (separately/jointly):
A) $100,000/$200,000 B) $125,000/$250,000 C) $250,000/$500,000 D) $300,000/$600,000