Which of the following is not true for a public good?
a. Marginal cost of serving public good to one more person is zero.
b. Free rider problem arises in case of public goods.
c. Exclusion is not possible in most of the public goods.
d. Public goods include only material commodities.
d
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Which of the following statements is true of the U.S. economy in the last 200 years?
A) The growth rate of GDP has been more than 10% per year. B) The GDP per capita has decreased. C) The GDP per capita has increased. D) There has been no contraction in the economy.
Double counting occurs when:
A) inputs are included in the calculation of the gross domestic product. B) household production is included in the calculation of the gross domestic product. C) depreciation is included in the calculation of the gross domestic product. D) unsold inventories are included in the calculation of the gross domestic product.
If a product's price increases, then its:
a. MP will increase. b. MFC will increase. c. MRP will increase. d. MP will decrease.
Loans made between borrowers and lenders are:
A. usually not taxable at the federal level. B. legal only in the state of origination. C. assets of the borrowers. D. assets of the lenders.