An example of a good that is excludable is:
A. a park.
B. a river.
C. a boat.
D. clean air.
Answer: C
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To the extent that a direct expenditure offset results from an expansionary fiscal policy,
A) the fiscal policy will not be discretionary. B) the time lags associated with the implementation of fiscal policy will shorten. C) the stimulative effect will be less than anticipated. D) the stimulative effect will be more than anticipated.
When looking at a monopolist's level of output, you can expect to find
A. average revenue greater than price. B. price greater than marginal cost. C. marginal cost greater than marginal revenue. D. marginal revenue greater than price.
The following provides data for an economy in a certain year. Consumption expenditures$1,000Imports$600Government purchases of goods and services$700Construction of new homes and apartments$500Sales of existing homes and apartments$600Exports$500Government payments to retirees$200Household purchases of durable goods$300Beginning-of-year inventory$500End-of-year inventory$600Business fixed investment$300Given the data, compute the investment component of GDP.
A. $900 B. $400 C. $300 D. $800
Answer the following questions true (T) or false (F)
1. The four-firm concentration ratio of the aircraft industry is over 80 percent. Most economists would consider this industry an oligopoly. 2. According to the textbook, the most important barrier to entry is economies of scale. 3. Because of the flaws of the concentration ratio as a measure of the extent of competition in an industry, some economists prefer another measure of competition, the Herfindahl-Hirschman Index.