A pure public good is one that is
a. rival and excludable
b. rival and nonexcludable
c. nonrival but excludable
d. nonrival and nonexcludable
e. provided by a government agency
D
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If the price of insulin is currently above the market-clearing level, then
A) there is a shortage of insulin. B) the market for insulin is fully coordinated. C) there is a surplus of insulin. D) insulin is no longer a scarce good.
Do automatic fiscal stabilizers eliminate business cycles?
A) Yes B) No, because they have no effect if the business cycle is the result of some unanticipated change C) No, but they do moderate business cycles D) No, they increase the likelihood that a business cycle occurs E) No, they make business cycle fluctuations more severe
Which of the following would be likely to expand a production possibilities curve?
a. a decrease in unemployment b. a decrease in price levels c. an increase in price levels d. none of the above
Jennifer takes 2 hours to make a loaf of bread and 1 hour to make a dozen cookies. Janet takes 3 hours to make a loaf of bread and 3/4 hours to make a dozen cookies. Who, if either, has an absolute advantage baking bread? Who, if either, has an absolute advantage making cookies?