If a good or service does not get used up as it is consumed, then it is said to be
A) nonexcludable.
B) nonrival.
C) nondiscrimination.
D) nonconsumable.
E) None of the above.
B
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Recall the Application. Greece faced a major financial crisis in 2010 as its budgetary imbalance became quite severe. Since Greece is a member of the Euro-zone, it could no longer ________ as a potential solution to its financial problems
A) depreciate its currency B) raise taxes C) reduce wages and prices D) cut spending
Which of the following are not reasons household production still exists?
a. No skills or special resources are needed. b. Household production avoids taxes. c. Household production increases transaction costs. d. Technological advances increase household productivity.
If a firm is hiring a certain type of labor under purely competitive conditions:
A. its labor demand curve will be perfectly elastic at the market-determined wage rate. B. the labor supply curve will lie above the marginal labor cost curve. C. the labor supply and marginal labor (resource) cost curves will coincide and be upsloping. D. the labor supply and marginal labor (resource) cost curves will coincide and be perfectly elastic.
All of the following describe trends in U.S. labor markets except:
A. substantial growth in the level of employment in the United States since 2000. B. growing wage inequality in the United States in recent decades. C. a slowdown in real wage growth since the 1970s. D. substantial growth in real wages during the last century.