Which of the following goods is rival in consumption and is also excludable?
A) A fireworks display
B) A movie shown on cable television
C) A DVD
D) A magic show in a public park.
C
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The shrinking gap between the income levels of poor and rich countries is known as the
a. conservative hypothesis. b. divergence hypothesis. c. convergence hypothesis. d. confluent hypothesis.
An increase in inflation will cause a reduction in which of the following?
A. the GDP deflator B. the nominal value of money C. the real value of money D. the Producer Price Index
If homeowners purchased a $250,000 home with a zero-down, interest-only mortgage, and the value of the home subsequently fell to $200,000, in order to sell the house and move to another city, the homeowners would be required at closing to pay (in addition to the proceeds from the home sale)
A. nothing. B. $50,000 plus any transaction costs and real estate fees. C. any transaction costs and real estate fees. D. $50,000.
Answer the following statements true (T) or false (F)
1) All else equal, if a firm has complex input specifications, it is likely cost saving for the firm to buy the input for another firm. 2) All else equal, if a firm's long-run average cost curve increases as more of an input is produced and the firm requires a large quantity of the input, it is likely cost saving for the firm to buy the input from another firm. 3) All else equal, if a firm needs a small quantity of an input, it is likely to be cost saving for the firm to make the input. 4) If a firm has a long-run average cost of $4 when it produces 5,000 units of an input and has a long-run average cost of $2 when it produces $12,000 units, the firm is experiences economies of scale. 5) All else equal, the more of an input a firm needs per year, the more likely that the net present value from making the input internally is positive.