The inflation experienced in the United States during the 1970s as a result of OPEC oil price increases is an example of:
a. demand-pull inflation.
b. hyperinflation
c. cost-push inflation.
d. cyclical inflation.
e. disinflation.
c
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A good or service or a resource is nonexcludable if
A) it is possible to prevent someone from enjoying its benefits. B) it is not possible to prevent someone from benefiting from it. C) its use by one person decreases the quantity available for someone else. D) its use by one person does not decrease the quantity available for someone else.
To allow a public utility (which is a natural monopoly) to earn only a normal profit, the government should
a. do all of the following b. set price equal to average cost c. equate marginal cost and average cost d. set marginal cost equal to marginal revenue e. set price equal to marginal cost
Rising prices for a natural resource stimulate
a. the development of complements for the resource. b. the development of substitutes for the resource. c. the development of externalities from the resource. d. All of the above are correct.
The formula for present discounted value is ________, where R dollars is to be paid t years in the future and the agreed upon interest rate is r.
A. (1 + r)t/R B. (1 + r)/Rt C. R/(1 + r)t D. R(1 + r)t