The breath-taking view of the San Francisco skyline at night is
A. a non-excludable good/service and nonrival.
B. a non-excludable good/service but rival in consumption.
C. an excludable good/service and rival in consumption.
D. an excludable good/service but nonrival in consumption.
Answer: A
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Suppose Chevrolet produced 90,000 Camaros in the United States in 2012 and during 2012 sold 69,000 to U.S. customers and exported 14,000 to foreign buyers. How many Camaros would the BEA count as investment spending by Chevrolet in 2012?
A) 7,000 B) 21,000 C) 76,000 D) 90,000
What is a bond buyer promised when she buys a bond?
Suppose a plaintiff hires a lawyer to represent her in a court case. The lawyer will receive a share of the settlement if the plaintiff wins. Under this contract,
A) production efficiency cannot be achieved.
B) the client bears all of the risk.
C) the lawyer bears all of the risk.
D) the risk is shared.
Exhibit 2-9 Production possibilities curve
Which of the following moves from one point to another in Exhibit 2-9 would represent an increase in economic efficiency?
A. Z to W. B. W to Y. C. W to X. D. X to Y.