If the consumption of a good decreases the quantity available for another person, the good is
A) rival.
B) excludable.
C) pure.
D) free.
A
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Median income is the:
A. in the level earned by the household exactly in the middle of the national income distribution. B. the total national income divided by the total number of households. C. the total national income divided by the total population. D. 50% of the top quintile level of income.
Adam Smith believed that
A. people should never buy anything if they can make it themselves. B. what makes sense in the conduct of a private family's economic endeavors also makes sense in those of a nation. C. trading with other nations promotes full employment. D. a nation will gain if its citizens trade among themselves, but it will probably lose if it trades with other nations.
In the above figure if money income increases, the budget line
A) shifts outward and its slope does not change. B) shifts inward and its slope does not change. C) rotates outward and becomes steeper. D) rotates outward and becomes more shallow.
What is meant by "the value of a statistical life"? Why is it calculated?How is it used by policymakers?
What will be an ideal response?