A private good is
A. nonrival in consumption.
B. subject to free rider problems.
C. not subject to exclusion.
D. subject to exclusion.
D. subject to exclusion.
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Which of the following never assumes, either implicitly or explicitly, independence between nominal and real variables?
A) the AS curve B) the Phillips curve C) Okun's law D) the classical dichotomy E) none of the above
Elasticity provides a guide to both
a. market stability and change in revenue as price changes. b. responsiveness of quantity demanded to a change in price and market stability. c. responsiveness of quantity demanded to a change in price and change in revenue as price changes. d. technological change and change in revenue as price changes.
If the effluent limitations are insufficient for a body of water
a. that body of water is considered “water quality limited” b. more stringent controls are required c. that water body becomes subject to total maximum daily loads (TMDLs) d. all of the above e. (a) and (b) only
In a typical year, about what percentage of the world’s output is traded in international markets?
a. 85% b. 55% c. 35% d. 15%