The owner of a good has the right to decide how that good is used and to restrict others from using that good. This idea is known as:
a. the principle of mutual excludability.
b. the principle of comparative advantage.
c. the principle of public ownership.
d. the principle of negative externalities.
e. the law of demand.
a
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Members of the Federal Reserve Board of Governors
A) are confirmed by the House of Representatives. B) frequently need to deal with political pressures. C) are members of the Federal Open Market Committee. D) are appointed to 4 year terms.
The United States is academically unique in having so many
a. trade schools. b. colleges of arts and sciences. c. business schools. d. fine arts schools.
Hyperinflation refers to a situation in which:
a. prices are rising extremely rapidly. b. prices are falling extremely rapidly. c. the price level is extremely high. d. the price level is extremely low.
Suppose that a firm's long-run average total costs of producing an individual income tax return is $75 when it produces 1,000 returns and $75 when it produces 1,200 returns. For this range of output, the firm is experiencing
a. economies of scale. b. constant returns to scale. c. diseconomies of scale. d. specialization.