A good that a person can be prevented from consuming is referred to as a(n) _____ good
a. non-excludable
b. excludable
c. rival
d. non-rival
b
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As capital deepening occurs, there will be increased real wages and economic growth
Indicate whether the statement is true or false
Which of the following exemplifies the tragedy of the commons?
A) Residents of the southern coast of Alaska receive only one public broadcasting signal which may be eliminated altogether if government funding is cut. B) The Lakeview Estates community is growing so fast that the city's only fire station is not able to keep pace with the population growth in the community. C) British citizens receive free universal health care administered by the government. D) The Tibetan Antelope, distinguished for its fur which is commonly used as a light wool, is a target for poachers.
Which of the following is FALSE regarding inelastic demand?
A) Price elasticity of demand is less than 1 (Ep < 1). B) If a firm raises price, total revenues will go up. C) Price elasticity of demand is greater than 1 (Ep > 1). D) If a firm lowers price, total revenues will fall.
Official unemployment rates may underestimate the true rate of unemployment because the official rate
A. may include some individuals who are not actually in the labor force. B. includes those workers who only work part time. C. does not include individuals receiving any type of unemployment compensation. D. fails to include discouraged workers.