When economists say that a good is nonexcludable, they mean that:
A. everybody wants it.
B. there is no practical way to stop a person who does not pay from enjoying the good or service.
C. more than one person can consume the good.
D. everybody is willing to pay for it.
Answer: B
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The global financial crisis that began in 2008 was a great illustration of how interdependent national economies are
Indicate whether the statement is true or false
When a domestic currency is completely backed by a foreign currency and the note-issuing authority establishes a fixed exchange rate to this foreign currency, then the country is said to have
A) created a currency board. B) undergone dollarization. C) adopted a managed exchange system. D) adopted an exchange rate monetary system.
Referring to Figure 19.2, the effect of an increase in U.S. interest rates is represented by a movement from point
A) a to b. B) c to b. C) a to d. D) d to c.
Which of the following is a bias in the CPI?
i. new goods bias ii. index change bias iii. commodity substitution bias A) i only B) ii only C) iii only D) i and iii E) i, ii, and iii