Public goods are basically
A) rival in consumption.
B) nonrival in consumption.
C) depletable in consumption.
D) nondepletable in consumption.
Answer: B
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Management is the process of:
a. Controlling others' lives b. Using resources to achieve goals c. Changing one's perspective for the better d. Acting in a habitual or repetitive pattern
Real gross domestic product (GDP) shows: a. total spending on intermediate goods and services. b. constant dollar GDP. c. net domestic product
d. nominal GDP adjusted for taxes. e. domestic income.
A good economic theory or model weeds out unimportant facts from important ones. This process is called ______.
a. abstraction b. reflection c. correlation d. specialization
________ occurs when people smoke more after buying life insurance.
A. Adverse selection B. Cournot and Bertrand competition C. Asymmetric information D. Moral hazard