A good or service or a resource is nonrival if
A) it is possible to prevent someone from enjoying its benefits.
B) it is not possible to prevent someone from enjoying its benefits.
C) its use by one person decreases the quantity available for someone else.
D) its use by one person does not decrease the quantity available for someone else.
D
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The rational expectations hypothesis is a theory that states that
A) people make their economic plans by using all available past and present information and their understanding about how the economy operates. B) individuals can predict the future perfectly, at least with respect to macroeconomic variables like the interest rate and inflation. C) people make their economic plans in an irrational, intuitive manner. D) people make their economic plans by relying on the policy statements made by the President and by leaders in Congress.
In a frictionless world
A) Fully funded social security must necessarily make everyone better off, as it provides for retirement. B) Fully-funded social security is a constraint on private saving behavior, and therefore cannot make anyone better off. C) Fully funded social security is always preferred to pay-as-you-go social security. D) Fully funded social security is more efficient, because it is a private program instead of a government program.
Refer to the above figure. Which of the following points indicates an unobtainable point of production?
A) a B) d C) e D) More information is needed to answer the question.
The relationship between advertising and product differentiation is
a. positive; the more differentiated the product, the more a firm is likely to spend on advertising. b. negative; the more differentiated the product, the less a firm is likely to spend on advertising. c. zero; there is no relationship between product differentiation and advertising. d. irrelevant; firms with differentiated products do not need to advertise.