National defense and coastal lighthouses are examples of
a. public goods.
b. private goods.
c. high marginal cost goods.
d. depletable goods.
a
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The value of real GDP in the current year equals
A) the value of current-year output in prices of the base year. B) the value of current-year output in prices of the current year. C) the value of base-year output in prices of the base year. D) the value of base-year output in prices of the current year.
A key objective of the gold standard was to
A) create a flexible exchange rate system between countries. B) create a fixed exchange rate system between countries. C) allow nations to maintain their gold reserves. D) allow nations to tax its citizens in gold.
Which of the following best defines discrimination?
a. Acting on a belief that people of a certain race or gender are inferior b. Believing that people of a certain race, gender, or religion are inferior c. Making disparaging comments about a specific race, gender, or religion d. Avoiding any association with people who belong to a certain religion or race
Resources are efficiently allocated when production occurs where:
A. marginal cost equals average variable cost. B. price is equal to average revenue. C. price is equal to marginal cost. D. price is equal to average variable cost.