A public good can be best de?ned as one which:
A) yields bene?ts only to the individual who decides to buy it.
B)has no extemals associated with its production or consumption.
C)yields widespread bene?ts which cannot readily be denied to the public at large.
D) entails rising costs of production.
C)yields widespread bene?ts which cannot readily be denied to the public at large.
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How does the national debt as a percentage of GDP in the United States compared to the United Kingdom?
a. U.S. national debt ratio is smaller. b. U.S. national debt ratio is slightly larger. c. U.S. national debt ratio is substantially larger. d. U.S. national debt ratio is substantially smaller.
In the short-run, a monopolistically competitive firm:
a. can earn only a normal profit. b. will produce at the point where marginal revenue is greater than marginal cost, in order to maximize profits. c. will produce at the point at which price equals minimum ATC, to maximize profits. d. will charge a price equal to its marginal revenue. e. will shut down temporarily if price is less than AVC.
During times of recession, the labor force participation rate typically:
A. rises, as more incomes per household are needed to make ends meet. B. falls, as more people cannot find work, they stay in jobs that aren't a good fit. C. falls, as more people give up and stop looking for work. D. rises, as more people need work.
All of the following are true EXCEPT
A) trade between two nations reduces their opportunity costs. B) trade makes nations dependent on each other. C) trade between nations will not benefit all citizens. D) the principle of comparative advantage does not apply to countries with limited resources.