Private goods are characterized by two important attributes. What are they?
a. marginality and depletability
b. scalability and desirability
c. repeatability and reliability
d. depletability and excludability
d
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Which one of the following resources is not underemployed?
A. The use of Manhattan Island in New York City for growing corn. B. The use of farmland in the Iowa and Illinois corn belt for buildings to do stock market research. C. An automobile factory that is shut down for two months to be retooled for a model change. D. Limiting all men to the fields of school teaching and social work.
Consider two countries-country A and B. Both countries are exactly similar in all aspects except for one. In country B it is possible for entrepreneurs to borrow money from banks and financial markets
While in country A, there is no loan for entrepreneurshiA) Country A is likely to grow faster than country B. B) Country B is likely to grow faster than country A. C) Both countries are likely to grow at the same rate. D) Resources are likely to be over consumed in country A and under consumed in country B.
Five people want to have a lighted garden built at the entrance to their neighborhood. The difficulties they experience in getting one another to commit to paying for the garden are best described as
A) property rights. B) transactions costs. C) negative externalities. D) rivalry.
Why do the sellers of some whiskeys pay for advertisements to tell people their whiskey is extremely expensive?
A) Because the sellers either do not know or do not accept the law of demand B) To allocate the product to people who will most appreciate it C) To increase the demand D) To lower the demand and keep production costs low E) To prevent "price shock" among potential customers