The nature preservation services supplied by The Nature Conservancy which buys up ecologically important but endangered lands, is
a. nonrivalrous and nonexcludable.
b. nonrivalrous and excludable.
c. rival and nonexcludable.
d. a private service.
a. nonrivalrous and nonexcludable.
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When demand is perfectly inelastic, the demand curve is
A) horizontal. B) vertical. C) upward sloping. D) downward sloping.
Other things being equal, the effects of an increase in the price of orange juice would best be represented by a(n):
a. upward movement along the demand curve for orange juice. b. leftward shift in the demand curve for orange juice. c. downward movement along the demand curve for orange juice. d. rightward shift in the demand curve for orange juice.
The marginal (dollar) cost of an additional plate of food to a patron at an "All-You-Can-Eat" restaurant is: a. equal to the price paid for the meal divided by the number of plates of food consumed. b. equal for every plate of food consumed during the meal
c. equal to zero. d. equal to the price paid for the meal (since there is no such thing as a free lunch).
Answer the following statements true (T) or false (F)
1. United States has had little success with the surplus aspect of balancing the budget over the period of a business cycle. 2. The full-employment balanced budget always shows a surplus. 3. A deficit budget adds to the national debt. 4. The United States will face bankruptcy if the national debt ever reaches a figure higher than its GDP. 5. The government’s ability to repay the national debt is governed only by the total assets of the economy.