An artificially scarce good is:
A. not rival in consumption, but excludable.
B. rival in consumption, but not excludable.
C. rival in consumption and excludable.
D. not rival in consumption and not excludable.
Answer: A
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A collusive agreement between two duopolists is similar to the prisoners' dilemma because in both games
A) the best outcome is always achieved. B) each players strategy depends on what the other player does. C) the Nash equilibrium is not the best outcome for the players. D) All of the above answers are correct.
Exclusive rights of ownership that allow the use, transfer, and exchange of property are called
A) common property rights. B) nonexclusive property rights. C) private property rights. D) public property rights.
If the quantity supplied in a market exceeds the quantity demanded in a market, we would expect price to:
A) stay the same. B) increase. C) decrease. D) rise in order to clear the market.
The percentage of the population over 16 that is employed or seeking employment is called the
A. Unemployment Rate. B. Employment Rate. C. Employment-Population Ratio. D. Labor Force Participation Rate.