Private goods ____ rival ____ excludable
a. Are, and are
b. Are, but are not
c. Are not, but are
d. Are not, and are not
a
You might also like to view...
In calculating GDP, governmental transfer payments, such as Social Security or unemployment compensation, are ________.
A. counted as investment spending. B. counted as consumption spending. C. counted as government spending. D. not counted.
If a firm is in an antitrust court case being accused of monopolizing a product, the firm would hire an economist to show
A) the cross-price elasticity of demand between the firm's good and another is positive. B) the price elasticity of demand for the firm's good is highly inelastic. C) the income elasticity of the firm's good is inferior. D) the cross-price elasticity of demand between the firm's good and another is negative.
Economic growth would be illustrated by
A) a rightward shift of aggregate demand. B) a leftward shift of aggregate demand. C) a rightward shift of aggregate supply. D) a leftward shift of aggregate supply.
Walter used to work as a high school teacher for $40,000 per year but quit in order to start his own painting business. To invest in his painting business, he withdrew $20,000 from his savings, which paid 3 percent interest, and borrowed $30,000 from his uncle, whom he pays 3 percent interest per year. Last year Walter paid $25,000 for supplies and had revenue of $60,000 . Walter asked Tyler the
accountant and Greg the economist to calculate his painting business's costs. a. Tyler says his costs are $25,900, and Greg says his costs are $66,500. b. Tyler says his costs are $25,000 . and Greg says his costs are $65,000. c. Tyler says his costs are $66,500, and Greg says his costs are $66,500. d. Tyler says his costs are $75,000 . and Greg says his costs are $41,500.