A good is excludable if
a. one person's use of the good diminishes another person's enjoyment of it.
b. the government can regulate its availability.
c. it is not a normal good.
d. people can be prevented from using it.
d
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Which of the following statements is true of the U.S. economy?
A) No bank runs have occurred after 1990 in the U.S. economy. B) The number of bank runs decreased after the FDIC was established. C) Almost one-fourth of the U.S. banks failed during the Great Depression. D) No bank runs have occurred before 1990 in the U.S. economy.
What important function does adjudication perform in the process of reducing negative externalities?
A) It allocates the revenue from negative externalities to the people who have been damaged. B) It arbitrates between beneficiaries of negative externalities and the people who must bear their costs. C) It decides whether punitive or merely compensatory damages will be awarded. D) It discovers who has which rights. E) It imposes criminal penalties on the people responsible for generating negative externalities.
The tradeoffs and connections between the goals of macroeconomics may be ___________ in the short run and the long run.
a. similar b. different c. identical d. problematic
Which of the following is the primary source of high earnings in a market economy?
A) a willingness to work hard even if you are not productive B) a willingness to exploit workers and consumers C) the ability to provide others with things that they value highly D) a willingness to engage in actions where you gain at the expense of others