A good or service or a resource is nonexcludable if
A) it is possible to prevent someone from enjoying its benefits.
B) it is not possible to prevent someone from benefiting from it.
C) its use by one person decreases the quantity available for someone else.
D) its use by one person does not decrease the quantity available for someone else.
B
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The Hawaiian island of Lana'i is privately owned by Castle & Cooke and for generations most of its land was used to grow pineapples. Now, many of the pineapple fields have been replaced by tourist accommodations, including a pair of world-class hotels and a top rated golf course. What would an economist say about this change in land-use patterns?
A) While growing pineapples used the island's land more efficiently, tourism provides utility to the largest number of people. B) Economic rent has allocated the island's resources to their highest-valued use: tourism. C) Agriculture is still the land's highest-valued and most efficient use, but tourism earns more profits for Castle & Cooke. D) To find the land's economic rent, add the price per acre that land on Lana'i would be worth if used to grow pineapples to the value per acre when used for a golf course.
The federal government's budget been in deficit every year since 1959
a. True b. False
Which of the following statements is true?
A) Treasury bills mature in 2 to 10 years. B) Treasury notes mature in 13 or 26 weeks. C) Treasury bills, notes, and bonds are considered to be very safe investments. D) Municipal bonds are issued to help the federal government build new projects such as highways and stadiums.
In order to be successful in a market economy, entrepreneurs must
What will be an ideal response?