An example of a public good that is difficult to make excludable is:
A. sewer systems.
B. fire protection.
C. national defense.
D. All of these are nonexcludable public goods.
D. All of these are nonexcludable public goods.
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Which of the following are major influences on the expected profit from an investment?
I. technology advances II. stock market behavior III. accounting practices A) I only B) I and II C) I and III D) II and III
Economic rent is defined as
A) the price of a factor of production that is fixed in supply. B) the surplus received by employing a factor of production in its highest-valued use. C) the revenue received by a factor of production with an upward-sloping supply curve. D) what you pay to rent your apartment or house.
Refer to the above figure. Which point or points represent(s) a short-run equilibrium?
A. A only B. B only C. C only D. both A and B
Graphically, deadweight loss is shown by the:
A. welfare loss rectangle. B. welfare loss triangle. C. consumer surplus loss triangle. D. tax revenue rectangle.