Private goods are
A. nonrival in consumption, and their benefits are nonexcludable.
B. rival in consumption, and their benefits are excludable.
C. rival in consumption, and their benefits are nonexcludable.
D. nonrival in consumption, and their benefits are excludable.
Answer: B
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The prisoner's dilemma can be summarized in:
A. a strategy matrix. B. a strategy tree. C. a decision matrix. D. a flowchart.
The concept of economies of scale becomes especially relevant to international trade when it enables
a. numerous small producers to supply the entire country. b. one or two large producers to supply the entire country. c. numerous large producers to supply the entire country. d. one or two small producers to supply the entire country.
Debt monetization means that a government pays off its debt by:
What will be an ideal response?
Refer to the above diagram. The equilibrium price and quantity in this market will be:
A. $1.60 and 290. B. $.50 and 130. C. $1.60 and 130. D. $1.00 and 200.