National defense and coastal lighthouses are examples of
A. public goods.
B. private goods.
C. high marginal cost goods.
D. depletable goods.
Answer: A
You might also like to view...
The United States, as a bilateral aid donor
a. ranks high in amount and high as a percentage of GDP b. ranks low in amount and high as a percentage of GDP c. ranks high in amount and low as a percentage of GDP d. ranks low in amount and low as a percentage of GDP e. is not ranked because all its aid is provided through the World Bank
Assume that the market demand for a good is p = 100 - Q. Assume that the marginal product of labor is 1 and the firm can get all the labor it needs at a wage equal to 5
Compare the quantity of labor hired if the output market is competitive with the quantity hired if the output market is a monopoly.
The "no shirking constraint" (NSC) curve is
A) downward-sloping to reflect the fact that at higher wages, firms will monitor workers more to see whether they are shirking. B) downward-sloping to reflect the fact that shirking tends to be higher in lower-paying industries. C) upward-sloping because at high levels of unemployment, workers will refrain from slacking without much other incentive. D) upward-sloping because at high levels of employment, many "slacking" individuals have been hired. E) vertical because the constraint represents the absolute amount of time a firm will tolerate workers' slacking without laying them off.
If, as price increases by 10 percent, total revenue decreases by 10 percent demand is
a. elastic. b. unit elastic. c. inelastic. d. perfectly inelastic.