The principal feature of private goods is that
A) they cannot be rented or purchased.
B) consumption by one person reduces the quantity available to others.
C) no one can be excluded from consumption of the product.
D) externality problems associated with their production are always negative.
B
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The scale of transactions in the international capital market has
A) grown more quickly than world GDP since the early 1970s. B) grown less quickly than world GDP since the early 1970s. C) grown about the same rate as the world GDP since the early 1970s. D) been fixed by international regulations. E) decreased more quickly than world GDP since the early 1970s.
Suppose that the government places a price ceiling in the fish market, and that the ration coupons it issues are bought and sold on a ration coupon market before they are used to purchase fish. Then the
a. excess supply of fish will be eliminated b. price of fish set by the price ceiling would fall c. price of fish set by the price ceiling would rise d. price ceiling must have been too low e. purpose of that price ceiling would be defeated
According to the ability-to-pay principle, taxes should be levied on a person according to his or her ability to bear that tax burden
a. True b. False Indicate whether the statement is true or false
The Samuelson-Solow version of the Phillips curve showed the relationship between unemployment rates and
A) Real GDP growth rates. B) price inflation rates. C) wage inflation rates. D) imports.