A private good is a good that:
A. is consumed by a single person or household.
B. cannot be used by private citizens.
C. cannot result in external benefits or costs to those who don't consume.
D. is available for everyone to consume, regardless of who pays.
Answer: A
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The role of the Commodity Futures Trading Commission is to
A) set the prices of futures contracts. B) operate the Chicago Mercantile Exchange. C) operate the Chicago Board of Trade. D) monitor potential price manipulation in futures trading.
The own-price elasticity of demand is defined as:
a. the ratio of a change in quantity demanded and the change in price. b. the ratio of the percentage change in quantity demanded to the percentage change in price. c. the ratio of the percentage change in quantity demanded to the percentage change in input prices. d. the ratio of a change in output and the change in input usage.
A recession has traditionally been defined as a period during which
a. nominal GDP declines for two consecutive quarters. b. nominal GDP declines for four consecutive quarters. c. real GDP declines for two consecutive quarters. d. real GDP declines for four consecutive quarters.
How would a local government use marginal analysis to determine whether or not to undertake a new highway construction project?
What will be an ideal response?