If it is not possible to prevent others from sharing in the benefits of a good's consumption, we say that the good
a. is an economic bad
b. is nonrival in consumption
c. has the characteristic of non excludability
d. is a private good
c. has the characteristic of nonexcludability
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Refer to the figure above. Quota rents equal
A) $2000. B) $5000. C) $6000. D) $10000.
High value-added per employee is associated with:
a. capital intensive industries. b. labor intensive industries. c. the shoe industry in 1860. d. the use of unskilled labor.
Double markup problems arise because
a. upstream firms have no market power b. downstream firms have no market power c. upstream and downstream products are complementary in demand d. upstream and downstream firm's pricing decisions tend to increase the demand for the other product
According to Keynes
A. both consumption and saving are positively related to real disposable income. B. consumption is positively related to the interest rate. C. consumption is directly related to income but saving is inversely related to income. D. consumption is directly related to income but saving has no relationship with income.