A ________ is rival in consumption and viewers are excludable.
A. solar eclipse
B. fireworks show in a local park
C. television signal sent by cable
D. television signal broadcast through the air
Answer: C
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Since 1950, the average length of a recession in the United States has been
A) such that recessions barely exist. B) less than a year. C) between 1 and 2 years. D) greater than 2 years.
In his book The Road to Serfdom, Friedrich Hayek argued that the growth of government
a. was essential if the ups and downs of the business cycle were going to be controlled. b. must be increased if western democracies were going to survive. c. could only be achieved if monetary policy-makers were willing to expand the supply of money more rapidly. d. endangered freedom and moved Western democracies toward tyranny, just as it had done in Nazi Germany and the Soviet Union.
According to the Phillips curve, policymakers could reduce both inflation and unemployment by
a. increasing the money supply. b. increasing government expenditures. c. raising taxes. d. None of the above is correct.
A government is considering levying an alcohol tax to raise revenue to finance health care benefits. People for the tax argue that alcohol demand is price inelastic. Which of the following statements is true?
A. The alcohol tax may not raise as much revenue as anticipated in the years to come because alcohol demand is more elastic the longer the period of time consumers have to adjust. B. This tax will not raise much revenue either in the short term or the long term because demand is price inelastic. C. This is a very good way to raise revenue both in the short term and in the long term because there are no close substitutes for alcohol. D. No tax revenue can be raised in this way because alcohol sellers will just lower their price by the amount of the tax, and therefore the consumer price of alcohol will not change.