What goods would be considered both excludable and rival in consumption?
a) private goods
b) common goods
c) public goods
d) natural monopolies
Ans: a) private goods
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If an individual had the option of receiving a cash transfer equal to the value of the housing subsidy, _____
a. they would be better off b. they could rent better housing than the public housing c. they could rent worse housing than the public housing d. all of the above e. a and b
If the price of Pepsi-Cola increases from 40 cents to 50 cents per bottle and the quantity demanded decreases from 100 bottles to 50 bottles, then according to the averaging equation, the value of price elasticity of demand for Pepsi-Cola is:
a. 0.5. b. 0.25. c. 1. d. 3. e. 2.
A curve that describes the relationship between income and the amount of a good consumed (holding the consumer's preferences and all other prices fixed) is called:
A. a price-consumption curve. B. the Engel curve. C. an income-consumption curve. D. a budget line.
Table 9.1Disposable IncomeTotal Consumption(Billions of dollars per year)(Billions of dollars per year)$0$50200210Which of the following represents the consumption function consistent with the data in Table 9.1?
A. C = $160 billion + 0.91YD. B. C = $50 billion + 0.80YD. C. C = $50 billion + 0.76YD. D. C = $160 billion + 0.80YD.