Goods whose benefits to society are not diminished as more people consume them and whose benefits cannot be withheld from anyone are
a. impossible since resources are limited
b. examples of negative externalities
c. public goods
d. typically food and other necessities
e. provided by free markets to free riders
C
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When economists say that the demand for labor is a derived demand, they mean that it is
A. related to the demand for the product or service labor is producing. B. based on the assumption that workers are trying to maximize their money incomes. C. dependent on government expenditures for public goods and services. D. based on the desire of businesses to exploit labor by paying below equilibrium wage rates.
Throughout U.S. history labor and physical capital have been
(a) input substitutes and complements. (b) output substitutes and complements. (c) product displacements. (d) mixed outputs.
In the consumption function model, the 45-degree line represents where
A) the real disposable income is equal to zero. B) planned real saving is equal to zero. C) planned real consumption spending is equal to zero. D) planned real saving is greater than actual real savings.
Frictional unemployment is a part of the unemployment rate that refers to those workers who are: a. moving between jobs
b. no longer looking for a job because they are discouraged about their prospects. c. jobless due to the seasonal nature of their jobs. d. jobless due to a recession in the economy.