A good that is consumed by a single person or household is:
A. rival.
B. nonrival.
C. excludable.
D. nonexcludable.
Answer: A
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Discretionary fiscal policy is best described as
A) a deliberate attempt to cause the economy to move to full employment and price stability more quickly than it might otherwise. B) a deliberate attempt to improve the functioning of free markets. C) an automatic change in income transfer payments to keep the economy at full employment. D) the design of a tax system that automatically stabilizes economic activity over time.
The demand for labor is a derived demand. Employers hire workers until the
a. wage rate equals the average product of labor. b. wage rate equals the marginal revenue product of labor. c. last worker hired adds nothing to total output. d. average product of labor is zero.
Economics is primarily the study of
a. how to make money in the stock market. b. how to operate a business successfully. c. the allocation of scarce resources in an effort to satisfy wants that are virtually unlimited. d. the methods business firms use to reduce their costs of production.
When a local casino spends millions in TV ads convincing town residents to reject another casino's bid to operate in the area, the casino is:
A. rent seeking. B. seeking rent controls. C. acting fraudulently. D. allocating resources efficiently.