A consumer or producer who does not pay for use of a nonexclusive good but expects others to pay is known as a:
A) free rider.
B) price setter.
C) fringe element.
D) none of the above
A
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If the U.S. real exchange rate is 125, the U.S. price index is 140, and the Japanese price index is 165, what is the yen to dollar exchange rate?
A) 106.06 B) 125.65 C) 147.32 D) 184.80
Average weekly hours in manufacturing is an example of a:
A) leading indicator. B) coincident indicator. C) lagging indicator. D) none of the above.
A vertical supply curve may be described as being
A) relatively elastic. B) perfectly inelastic. C) relatively inelastic. D) perfectly elastic.
Most economists believe that the CPI
a. accurately measures the inflation rate b. accurately measures the inflation rate except during years when there are major economic shocks like the Arab oil embargo c. slightly underestimates the inflation rate d. seriously underestimates the inflation rate e. overstates the inflation rate