If a good can be consumed by one person without reducing its availability to others, then it is a ________ good.
A. pure public
B. nonrival
C. nonexcludable
D. common
Answer: B
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Refer to Figure 1-1. Using the information in the figure above, calculate the percentage change in sales of alcoholic beverages between 2013 and 2015
A) 23.8% B) 40% C) 42.9% D) 73.3%
In order for price discrimination to exist
A) markets must be capable of being separated. B) markets must be interdependent. C) different demand price elasticities must exist in different markets. D) demand price elasticities must be identical in all markets. E) Both A and C
Suppose that over the last year the price of copper increased from $1.70 a pound to $1.79 per pound. Over the same time a measure of the overall price level increased from 300 to 309 . The price of copper increased by
a. less than inflation, and this means it became relatively less scarce. b. less than inflation, and this means it became scarcer. c. more than inflation, and this means it became scarcer. d. more than inflation, but this doesn't necessarily mean that it become scarcer.
There are no costs associated with inflation if the inflation rate is perfectly anticipated.
Answer the following statement true (T) or false (F)