A good or service that is rival but nonexcludable is called a ________, and a good or service that is nonrival but excludable is called a ________.
A. public good; collective good
B. commons good; public good
C. commons good; collective good
D. public good; private good
Answer: C
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Suppose that initially there is no public debt. Using the above table, what is the public debt as a percentage of GDP in Year 4?
A) 5.8 percent B) 7.8 percent C) 3.6 percent D) 2.0 percent
Gimmicks like the National Debt Clock
a. are misleading because they show the debt in nominal dollars rather than real dollars. b. are misleading because they show the debt in dollars rather than as a percentage of GDP. c. are misleading because they dot not show industrial production figures. d. are needed to inform the American public about the massive amounts of debt the government is accumulating. e. are misleading because they show the debt as a percentage of GDP rather than in dollars.
For a perfectly competitive firm, marginal revenue product is equal to:
a. the difference between marginal revenue and marginal cost. b. the product price multiplied by total output. c. the change in total product arising from a unit change in resource usage. d. marginal product multiplied by product price.
Related to the Economics in Practice on p. 83: The true cost of the Shakespeare in the Park tickets is
A. the cost to put on the performance. B. $0 plus the opportunity cost of the time spent in line. C. zero. D. the additional cost to the city of extra security.