A nonexcludable public good is
A. nonrivalrous in consumption.
B. rivalrous in consumption.
C. asymmetric.
D. a good for which it is impossible (or prohibitively costly) to exclude someone from receiving the benefits of its services.
E. a and d
Answer: E
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Compared to the short-run price elasticity of demand, the long-run price elasticity of demand is
A) smaller. B) the same. C) greater. D) either greater than or less, depending on the number of substitutes the good has.
Policy makers may not know that the economy is in a recession until six months after the recession starts; this phenomenon is known as the _____
a. implementation lag b. policy coordination problem c. decision-making lag d. recognition lag e. effectiveness lag
When a government earns more than it spends in revenue, we say that it has a:
A. budget surplus. B. budget deficit. C. federal debt. D. federal deficit.
The problem of political instability has been greatest in which continent?
A. South America B. Europe C. Asia D. Africa