Public goods have at least one of two characteristics. What are the two characteristics?
a. collective consumption; nonexcludability
b. individual consumption; nonexcludability
c. collective consumption; excludability
d. individual consumption; excludability
a
You might also like to view...
If Bonnie can produce either 20 hats or 10 scarves in a month, and Phil can produce either 5 hats or 10 scarves in a month, then
A) Bonnie is more efficient at producing hats, compared to Phil. B) Bonnie is equally efficient at producing scarves, compared to Phil. C) both A and B above are true. D) none of the above are true.
Normative statements are: a. prescriptive, making claims about how the world ought to be. b. descriptive, making claims about how the world is
c. optimistic, putting the best possible interpretation on things. d. statements that establish production goals for the economy.
Which of the following statements is not correct?
a. If Fiona gets a higher wage and works more, the substitution effect is greater than the income effect for her. b. If Miguel experiences a wage decrease and works less, the income effect is greater than the substitution effect for him. c. If the substitution effect is greater than the income effect, the labor-supply curve is upward sloping. d. If the income effect is greater than the substitution effect, the labor-supply curve is downward sloping.
Suppose that 1983 is the base year for the Consumer Price Index (CPI) and in 2014 the CPI was 220. What does this "220" mean?
A) What cost $100 in 1983 on average cost 2.20 times as much in 2014. B) What cost $100 in 1983 on average cost $220 more in 2014. C) What cost $100 in 1983 on average cost 0.22 times as much in 2014 (that is, it cost $22 in 2014). D) What cost $100 in 1983 on average cost $22 more in 2014.