A good for which it is impossible or at least very costly to exclude nonpaying customers from receiving the good and for which many individuals can share in the consumption of the same unit of the good is called a
a. public good.
b. joint good.
c. excludable good.
d. national good.
A
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The presence of discouraged workers may cause:
a. the employment rate to be overstated. b. the employment rate to be understated. c. the unemployment rate to be overstated. d. the unemployment rate to be understated. e. GDP to be too large.
The institution that monitors and enforces trade agreements and promotes free trade is:
A. the World Bank. B. UNICEF. C. the National Alliance Trade Organization. D. the World Trade Organization.
When the supply of workers is plentiful, one would predict that market wages would be
a. determined outside the domain of economic theory. b. determined solely by factors that affect demand. c. low, other things equal. d. high, other things equal.
Which of the following industries is best characterized as monopolistically competitive?
A. Cereal B. Local electricity service C. Crude oil D. Wheat