Excludability means that when someone is consuming a good, then others are excluded from using the good anymore.
a. true
b. false
Answer: b. false
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The last time gas prices increased drastically, sales of large Sport Utility Vehicles (SUVs) fell. Why?
A. Higher gas prices lowered the benefit of driving an SUV. B. Higher gas prices increased the cost of driving a SUV. C. Higher gas prices lowered the cost of driving a SUV. D. Higher gas prices increased the benefit of driving an SUV.
Assume that the required reserve ratio is 10 percent. A bank has deposits of $1,000,000 and cash of $500,000 in the Fed. The bank has demand deposits equal to $1,500,000. Given this information, the bank has excess reserves of
A) $850,000. B) $350,000. C) $1,350,000. D) None of the above.
The social problem of resource allocation requires society to decide
a. all of the following b. both d and e c. how output should be produced d. what goods and services should be produced e. who gets what society produces
During the last four decades,
a. the total expenditures of Americans on health care have been relatively constant. b. the share of health-care expenditures covered by a third party (either the government or an insurance company) has increased substantially. c. the prices of health-care services have risen but not as rapidly as the general level of prices. d. health-care providers have lowered prices in response to the rapid increase in medical technology.