A good is rival in consumption if:
a. the supplier of that good can prevent people who do not pay from consuming it.
b. the supplier of that good cannot prevent people who do not pay from consuming it.
c. the same unit of the good cannot be consumed by more than one person at the same time.
d. there is no free-rider problem.
Ans: c. the same unit of the good cannot be consumed by more than one person at the same time.
You might also like to view...
The amount of added utility that an individual derives from consuming one more unit of a good or service is called: a. total utility
b. marginal utility. c. average utility. d. diminishing utility.
Aggregate demand can be defined as:
a. the total spending by all consumers, business firms, government agencies, and foreigners in the United States. b. the total amounts that all consumers, business firms, government agencies, and foreigners wish to spend on all final goods and services at various price levels. c. the total spending by consumers, business firms, and government agencies in one year. d. the total spending by consumers, business firms, and government agencies on final goods and services.
Your scholarship depends on your maintaining a 3.5 cumulative GPA. Your GPA for last semester was 3.6, which brought your cumulative GPA down. What must be true?
A. If this semester's grades are the same as last semester's, your overall GPA will stay the same. B. Last semester's grades were lower than your overall GPA. C. If this semester's grades are the same as last semester's, you might lose your scholarship. D. Last semester's grades were higher than your overall GPA.
Figure 17-12
At a world price of $1.00 in ,
a.
20 units will be exported
b.
20 units will be imported
c.
50 units will be exported
d.
50 units will be imported
e.
10 units will be exported