What particular characteristic do private goods and club goods have in common?
Private goods and club goods are both excludable.
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Which of the following is always a characteristic of the oligopoly market structure? a. Many sellers, each small in size relative to the overall market. b. Few sellers
c. All sellers produce identical products. d. Easy, low-cost entry and exit.
Which of the following is not a characteristic of capitalism?
a. Private ownership of the factors of production. b. Businesses make their own product and price decisions. c. Public ownership of the factors of production. d. Decentralized decision-making using markets.
A country has a population of 10 million people with 1 million unemployed, which is an unemployment rate of 20%. The number of people in the labour force is therefore:
(a) 10 million; (b) 5 million; (c) 1 million; (d) 2 million.
In developing countries, the government's revenues are:
A. no more limited than in developed economies. B. limited because even though the government can readily collect taxes, the tax base is too small. C. limited because of the small tax base and the government's inability to collect taxes. D. limited because the tax base is too large and the government lacks the institutional ability to collect taxes.