Which of the following is a characteristic of "public goods"?
What will be an ideal response?
It is difficult to restrict their availability to paying customers.
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An intertemporal budget constraint ________
A) describes how much time an individual consumer has to spend their disposable net national product B) is independent of the real interest rate and wealth of the household C) divides consumption spending into three categories: spending on durables, non-durables and services D) describes how much a person can consume today versus tomorrow
In the above figure, if the firm is producing Q1 units at a price P1, the firm should
A) increase output and decrease price. B) decrease output and increase price. C) not change output or price. D) shut down.
In the United States approximately 80 percent of millionaires did not inherit their wealth. This illustrates the
a. amount of transitory income in the United States. b. effectiveness of government anti-poverty programs in the United States. c. great economic mobility in the United States. d. level of permanent income in the United States.
Rent seeking involves
A. finding reasonable rent rates. B. price floors. C. price ceilings. D. citizen groups lobbying elected officials to manipulate government policy.