Recall the Application about space debris in the atmosphere to answer the following question(s).Recall the Application. The clearing of space debris is a ________ good that ________ subject to the free-rider problem.
A. private; is
B. public; is
C. private; is not
D. public; is not
Answer: B
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What is the difference between the federal budget deficit and the national debt?
a. The budget deficit is the amount by which expenditures exceed revenues in a particular year, while the national debt is the cumulative effect of all past budget deficits and surpluses. b. The budget deficit is the cumulative effect of all prior national debts. c. The national debt includes all outstanding bonds, while the budget deficit excludes bonds held by government agencies. d. This is a trick question because there is no difference between the budget deficit and the national debt.
The government of country A, which has adopted American GDP accounting conventions, has calculated that the seasonally-adjusted market value of all final goods and services produced within country A in quarter 1 was $5 billion. The government will report that GDP in quarter 1 was
a. $1.25 billion at an annual rate. b. $4 billion at an annual rate. c. $5 billion at an annual rate. d. $20 billion at an annual rate.
Refer to the following figure. The price of capital is $50 per unit:
What is the price per unit of labor?
A. $25 B. $10 C. $20 D. $ 2
Some electrical utilities are monopolies because of
A) government restrictions that prevent new firms from entering the market. B) ownership of resources without close substitutes. C) diseconomies of scale. D) their inability to earn profits.