Which of the following is a nonmarket good?
A) the corn you grow in your home garden and consume
B) the clothes you sew and sell to a neighbor who pays you by writing you a check
C) the self-portrait hanging in your den
D) a and c
E) a, b, and c
D
You might also like to view...
Which of the following statements is true of equilibrium?
A) Economic agents have an incentive to divert from equilibrium. B) Each economic agent can reach equilibrium irrespective of the actions of others. C) In equilibrium, the opportunity cost of the choices made by each economic agent is zero. D) In equilibrium, all economic agents are choosing the best feasible option simultaneously.
What is one reason car insurance seems much cheaper than health insurance?
A) Health insurance entails more idiosyncratic than systematic risk, and therefore the gains to diversification are more dramatic. B) Car insurance entails more systematic than idiosyncratic risk, and therefore the gains to diversification are more dramatic. C) Health insurance entails more systematic than idiosyncratic risk, and therefore there are fewer gains to diversification. D) Health insurance is manipulated through market power, and car insurance is not.
The market clearing price of a good is
A) the price at which there is at least some of the good available for everyone. B) the price at which there is no surplus and no shortage. C) the price that consumers prefer. D) the price that producers prefer.
The increase in output that is generated by an additional unit of input is called the:
A. production function. B. input-output relationship. C. resource product. D. marginal product.