A common property is
a. both nonrivalrous and nonexcludable.
b. nonrivalrous, but not nonexcludable.
c. nonexcludable, but not nonrivalrous.
d. either nonrivalrous or nonexcludable, but not both.
c. nonexcludable, but not nonrivalrous.
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The IS curve shows a series of equilibrium points in the goods market for various levels of
A) investment and interest rates. B) investment and money supply. C) income and interest rates. D) inflation and unemployment.
In the DMP model, an increase in productivity does not
A) reduce the unemployment rate. B) increase the vacancy rate. C) increase labor market tightness. D) increase the size of the labor force.
The Board of Governors of the Federal Reserve is:
a. appointed by the president, and each governor serves a 7-year term. b. appointed by the president, and each governor serves a 14-year term. c. elected by Congress, and each governor serves a 10-year term. d. elected by Congress, and each governor serves a 4-year term. e. elected by Congress, and each governor serves a 7-year term
Assume the price of product Y (the quantity of which is plotted on the vertical axis) is initially $15 and the price of X (the quantity of which is plotted on the horizontal axis) is initially $3. Assume money income is initially $60. If the prices of Y and X now increase to $30 and $6 respectively and money income increases to $120, then the budget line will:
A) shift rightward and become steeper. C) shift rightward, but its slope will not change. B) shift rightward and become flatter. D) be unchanged.