A public good is any good:
A.) that is paid for by tax dollars.
B.) for which it is difficult to exclude users and for which consumption by one person does not subtract from what is available to others.
C.) that is consumed by every member of the general public, but use by one person subtracts from what is available for others.
D.) that is typically consumed in public places.
B.) for which it is difficult to exclude users and for which consumption by one person does not subtract from what is available to others.
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One feature of pure monopoly is that the firm is ________.
A. a producer of products with close substitutes B. a price taker C. a price maker D. one of several producers of a product
In 1999, the Eurozone was:
A) formed by all European countries to reduce tariffs. B) formed by 11 countries to adopt a new currency. C) formed by 21 countries to allow labor migration between countries. D) renamed the World Trade Organization.
The stock of capital in the United States can grow only if
A. GDP minus depreciation is negative. B. The production possibilities curve shifts inward toward the origin. C. Depreciation is positive. D. Gross investment minus depreciation is positive.
One reason why the aggregate supply curve might shift to the left is that:
A. businesses have become more optimistic. B. consumer incomes have increased. C. per-unit production costs have increased. D. government spending has increased.