An example of a good that is excludable is:
A. a park.
B. a river.
C. a boat.
D. clean air.
Answer: C
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If new firms are expected to enter an existing market, ________
A) the market price is likely to fall B) the market demand is likely to increase C) the market supply is likely to fall D) the profits of all firms are likely to increase
To earn profits, the market maker must
a. bid high, ask low b. bid low, ask high c. equalize the bid and ask price d. not create the market
According to the expenditures approach, gross domestic product represents the sum of consumption spending, government spending, net exports, and net investment
a. True b. False Indicate whether the statement is true or false
Steve purchases some land for $30,000 . He maintains it, but makes no improvements to it. One year later he sells it for $32,000 . Stephanie puts $30,000 in a savings account that pays 6% interest. Steve has to pay the 50% capital gains tax, Stephanie is in the 35% tax bracket. The inflation rate was 2%. Who had the higher before-tax real gain and who had the higher after-tax real gain?
a. Steve had both the higher before-tax real gain and the higher after-tax real gain. b. Steve had the higher before-tax real gain but Stephanie had the higher after-tax real gain. c. Stephanie had the higher before-tax real gain but Steve had the higher after-tax real gain. d. Stephanie had both the higher before-tax real gain and the higher after-tax real gain.