An example of a good that is not excludable is:
A. fish in the ocean.
B. wireless connection to the Internet.
C. a movie in a theater.
D. a candy bar.
A. fish in the ocean.
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With fixed interest rates, unanticipated deflation hurts ________ because ________
A) lenders; they get paid back in less valuable dollars B) lenders; they get paid back in more valuable dollars C) borrowers; they repay the loan in more valuable dollars D) borrowers; they repay the loan in less valuable dollars
National debt is likely to fall when
a. there is a succession of budget deficits. b. government's expenditure falls short of its receipts. c. government's expenditures exceed its receipts. d. government expenditure equals revenue.
A local street festival that previously sold bracelets in exchange for unlimited alcohol consumption is now concerned about the overconsumption of alcohol. If they switch to selling tickets per drink, will overall consumption at next year's festival decrease?
A. No, because the marginal cost per extra beer will decrease for consumers. B. No, because the marginal cost per extra beer will increase for consumers. C. Yes, because the marginal cost per extra beer will increase for consumers. D. Yes, because the marginal benefit per extra beer will increase for consumers.
Making a pound of wool takes 5 hours in Scotland and 2 hours in Iceland. Making a cord of firewood takes 5 hours in Scotland and 8 hours in Iceland. Suppose that labor is only productive resource needed in these industries, and is fully employed in both nations. Under these conditions, if Iceland produces 4 extra pounds of wool, but Scotland produces 2 fewer pounds of wool, there is a net
A. gain of 2 cords of firewood in the world. B. gain of 1 cord of firewood in the world. C. loss of 2 cords of firewood in the world. D. loss of 1 cord of firewood in the world.