A true public good is characterized by
a. depletability but not excludability.
b. excludability but not depletability.
c. both depletability and excludability.
d. neither depletability nor excludability.
d
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If the cost of the CPI market basket at current period prices is $275 and the cost of the CPI market basket at base period prices is $350, the CPI is
A) 275. B) 79. C) 100. D) 350. E) 127.
The law of diminishing marginal utility suggests that
A. People are willing to buy additional quantities of a good only if its price falls. B. As marginal utility decreases, the willingness to pay increases. C. People will substitute lower-priced goods for more expensive goods, ceteris paribus. D. Price and quantity demanded are directly related.
The quintessential example of complementary goods would be
A. peanut butter and jelly for a young boy or girl. B. the switching of Granny Smith for Golden Delicious apples. C. Ramen Noodles for a poor college student. D. steak for someone who liked beef.
If the amount you owe on your house is greater than the price of the house, you have
A) no value to your house. B) a mortgage rate that is too high. C) negative equity in your house. D) a reverse mortgage on your house.